Advantages and disadvantages of instituting import tariff

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Reference no: EM132214246

You will apply your understanding of comparative advantage as a foundation for trade, along with your understanding of the crucial concept of changes in supply and demand equilibrium. You will also provide a rational approach to how cultural differences and the downfalls of stereotyping people from foreign cultures and misunderstanding their cultural attitudes affect international trade.

Considering what you have learned about comparative advantage and relative marginal opportunity costs, discuss the advantages and disadvantages to all involved parties (American workers, American consumers, foreign workers, and foreign consumers) of continued importation and acceptance of foreign made goods into U.S. markets.

b. Compare and contrast the advantages and disadvantages of instituting an import tariff, as opposed to an outright ban on the importation of certain goods into U.S. markets.

c. In considering the foreign trade issue, discuss the benefits and challenges for Americans in understanding the cultures of the citizens of the various trading partner countries from which we import inexpensive goods that in the past were manufactured domestically. Especially include your thoughts on news media’s use of derogatory comments like “sweat-shop” conditions.

d. Discuss the importance of your ability to understand and accept cultural differences in a global context. What recommendations would you suggest to increase American understanding and acceptance of foreign cultures?

Reference no: EM132214246

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