Which of the following refers to a two-way trade in which a country both exports and imports the same or very similar products? a. Inter-industry trade b. Net trade c. Internal trade d. Intra-industry trade

Which of the following refers to a two-way trade in which a country both exports and imports the same or very similar products? a. Inter-industry trade b. Net trade c. Internal trade d. Intra-industry trade

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter34: Globalization And Protectionism

Section: Chapter Questions

Problem 34RQ: If opening up to free trade would benefit a nation, then why do nations not just eliminate their...

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Question

Which of the following refers to a two-way trade in which a country both exports and imports the same or very similar products?

a. Inter-industry trade

b. Net trade

c. Internal trade

d. Intra-industry trade

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From the Work It Out Effects of Trade Barriers, you can see that a tariff raises the price of imports. What is interesting is that the price rises by less than the amount of the tariff. Who pays the rest of the tariff amount? Can you show this graphically?
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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You just overheard your friend say the following: Poor countries like Malawi have no absolute advantages. They have poor soil, low investments in formal education and hence low-skill workers, no capital, and no natural resources to speak of. Because they have no advantage, they cannot benefit from trade. How would you respond?