Explain the idea of transparency

Reference no: EM133412089

Assignment:

1. The GATT strongly favors tariffs as a protective measure over quotas or other nontariff measures. It encourages new members to convert quotas to their tariff equivalents. One of the main reasons tariffs are preferred is because they are more transparent, particularly by comparison to nontariff measures. Explain the idea of transparency, and how nontariff measures may be nontransparent.

2. Suppose that bicycles are made in the United States out of a combination of domestic and foreign parts.

If a bike sells for $500 but requires $300 of imported parts, what is the domestic value added?
If a 20 percent tariff is levied on bikes of the same quality and with the same features, how do the price and the domestic value-added change (Assume the United States cannot cause the world price to change.)
What is the effective rate of protection?
If in addition to the 20% tariff on the final good, a 20% tariff on imported parts is also levied, what is the effective rate of protection for U.S. bike manufacturers?

3. What four main groups of arguments do nations use to justify protection for particular industries? Which are economic, and which are noneconomic?

4. What are the three ways for countries to handle different standards abroad? Do standards have to be the same for countries to be integrated?

Reference no: EM133412089

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