Problem

If opening up to free trade would benefit a natio…

01:30

Problem 33 Easy Difficulty

What is the general trend of trade barriers over recent decades: higher, lower, or about the same?

Answer

There has been seen that since last few decades more and more closed economies have opened themselves to international market and the trade barriers are constantly reducing, which is increasing the globalization of world economy.

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Principles of Microeconomics for AP® Courses

Chapter 20

Globalization and Protectionism

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Dominic B.

June 26, 2021

If opening up to free trade would benefit a nation, then why do nations not just eliminate their trade barriers, and not bother with international trade negotiations?

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Video Transcript

all right. So terrible would be talking about trade barriers and what we what The overall trend has been over their recent decades. Right? So we have seen close economy start to open up and lower barriers to trade and modern day. And we have seen lower terrorists, lower quotas or subsidies. All these barriers start to drop due to GATT and W, t O and other organizations. Um, over the years, in fact, the average level of tariffs, which was over 40% during the 19 forties, dropped down to almost 5% with the introduction of the GATT, which is the general agreement on terrorists and treat right. And since then we have slowly seen at declining trade barriers and government starting to see a free flow of goods and services being exchanged. Right. So there's three main reasons we're look at as to why barriers decrease one being transportation right before it was, ah, very difficult to ship things over especially overseas, right? It was one large carriers take up lots of gas. Um, wouldn't be very cost efficient. But now, due to advancements in technology, we have seen more efficient transportation that has been less costly to ship goods and services overseas at a faster pace. Right Next, we're gonna look at communication right instead of the old pen and paper. Almond communication is obviously better. Easier to negotiate and conduct trades between government making, um, therefore making more and more trades and lowering the trade barriers. Final thing going to look at it is information management, right. Instead of storing things on paper and and files all information and international data is being stored in all my databases or shifting to electronic use, right. This is making imagine information much, much simpler. And due to the simplicity of getting information, we have seen a rise in in a national straight right. So all of these reasons are why we have seen a rapid decline and trade barriers and, um, continue to see photos, subsidiaries and tears being lowered and lowered each year to promote international trade. See the next one

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Steven A. Greenlaw, David Shapiro, Timothy Taylor

Principles of Microeconomics for AP® Courses

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Problem

If opening up to free trade would benefit a natio…

Problem 33 Easy Difficulty

What is the general trend of trade barriers over recent decades: higher, lower, or about the same?

Answer

There has been seen that since last few decades more and more closed economies have opened themselves to international market and the trade barriers are constantly reducing, which is increasing the globalization of world economy.

Related Courses

Principles of Microeconomics for AP® Courses

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Watch More Solved Questions in Chapter 20

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Steven A. Greenlaw, David Shapiro, Timothy Taylor

Principles of Microeconomics for AP® Courses

Additional Economics Questions

There has been seen that since last few decades more and more closed economies have opened themselves to international market and the trade barriers are constantly reducing, which is increasing the globalization of world economy.

Principles of Microeconomics for AP® Courses

Steven A. Greenlaw, David Shapiro, Timothy TaylorPrinciples of Microeconomics for AP® Courses

Steven A. Greenlaw, David Shapiro, Timothy Taylor

Principles of Microeconomics for AP® Courses