Download the App!
Get 24/7 study help with the Numerade app for iOS and Android! Enter your email for an invite.
Get the answer to your homework problem.
Try Numerade free for 7 days
Like
Report
In principle, the benefits of international trade to a country exceed the costs, no matter whether the country is importing or exporting. In practice, it is not always possible to compensate the losers in a country, for example, workers who lose their jobs due to foreign imports. In your opinion, does that mean that trade should be inhibited to prevent the losses?
Now, trade barriers are there is the losses are significantly disturbing to those few. But still trade is considered a good thing because overall gains especially in long-run are higher than the losses and trade is necessary for economic development of a nation in international markets. So, trade should not be prohibited to help those few who are losing because of it.
No Related Courses
Chapter 20
Globalization and Protectionism
Introduction
How Markets Work
Markets and Welfare
The Economics of the Public Sector
Topics for Further Study
02:19
Suppose you are explaining…
01:36
(Related to Solved Problem…
01:56
What is protectionism? Who…
01:48
Is free trade likely to be…
01:50
If a nation that does not …
01:30
If opening up to free trad…
If the removal of trade ba…
01:31
Does everyone gain from in…
01:20
What is the basis for trad…
An economist discussing tr…
04:05
How does international tra…
00:55
Why might a low-income cou…
01:46
Political commentator B. B…
04:23
Does international trade, …
How does protectionism aff…
02:14
Which of the following tra…
01:18
Is international trade lik…
Are the gains from interna…
01:29
How can there be any econo…
03:39
A senator renounces his pa…
So here's a big question that a lot of politicians face should be your stick should be Restrict trade to prevent the losses. Um, yes and no, in my opinion, yes and no. Um, yes, because our I'll start the know they know because, you know, the benefits of international trade usually exceed the costs. Um, it's a marginal benefit is greater than the marginal cost. So we should go with, um, the total benefit. Total benefit exceeds the total cost. So we should go with you. No. Preventing. Uh, we should go with free international trade, But should we restrict trade? Yes. Um, to a certain extent, what we should do is basically wean off of local stuff so that we can give workers time to, uh, get the human capital necessary to find your jobs or get new skills, things like that, or at least find a way to defray the cost. This could be something a little bit like terrorists for this tariff, money can go towards the workers education just so that they can find a way to enter a different work force while still allowing us as a country to benefit from
View More Answers From This Book
Find Another Textbook
Suppose you are explaining the benefits of free trade and someone states, &q…
(Related to Solved Problem 7.3 on page 222 ) A political commentator makes t…
What is protectionism? Who benefits and who loses from protectionist policie…
Is free trade likely to benefit a large, populous country more than a small …
If a nation that does not allow international trade insteel has a domest…
If opening up to free trade would benefit a nation, then why do nations not …
If the removal of trade barriers is so beneficial to international economic …
Does everyone gain from international trade? If not, explain which groups lo…
What is the basis for trade: absolute advantage or comparative advantage? Ho…
An economist discussing trade policy in $The$ $New$ $Republic$ wrote: "…
How does international trade affect working conditions of low-income countri…
Why might a low-income country put up barriers to trade, such as tariffs on …
Political commentator B. Bruce-Briggs once wrote the following in the Wall S…
Does international trade, taken as a whole, increase the total number of job…
How does protectionism affect the price of the protected good in the domesti…
Which of the following trade policies would benefitproducers, hurt consu…
Is international trade likely to have about the same effect on everyone’s wa…
Are the gains from international trade more likely to be relatively more imp…
How can there be any economic gains for a country from both importing and ex…
A senator renounces his past support for protectionism: "The U.S. trade…
04:01
What are some examples of innovative products that have disrupted their indu…
02:25
You have just been put in charge of trade policy for Malawi. Coffee is a rec…
03:18
Do the rules of international trade require that all nations impose the same…
02:03
What is dumping? Why does prohibiting it often work better in theory than in…
01:06
How would direct subsidies to key industries be preferable to tariffs or quo…
00:32
Why might a tax on domestic consumption of resources critical for national s…
00:50
Name several of the international treaties where countries negotiate with ea…
An economic union requires giving up some political autonomy to succeed. Wha…
03:00
Is it possible to have a comparative advantage in the production of a good b…
00:40
Microeconomic theory argues that it is economically rationale (and profitabl…
