What are two pros and two cons of the trade barriers used

Assignment Help Macroeconomics
Reference no: EM131679251

Assignment

1-2 Paragraphs addressing the following:

David Ricardo was the first economist to elaborate the theory of comparative advantage in his book On the Principles of Political Economy and Taxation. Ricardo wrote:

Under a system of perfectly free commerce, each country naturally devotes its capital and labour to such employments as are most beneficial to each. This pursuit of individual advantage is admirably connected with the universal good of the whole . . . It is this principle, which determines that wine shall be made in France and Portugal, that corn shall be grown in America and Poland, and that hardware and other goods shall be manufactured in England.(1817, p. 188)

Think about the 10-year historical period between 1970 and 1980 and identify trade policies of the time and discuss the following points:

• What are the main goods and services the United States traded internationally?
• What trade barriers were in place during that decade?
• What are two pros and two cons of the trade barriers used?

Reference no: EM131679251

Questions Cloud

Creating a folder structure to organize files : File management is the system for creating a folder structure to organize files. Most computer users rely on file management to keep files
Sketch a new graph of the weights of all college students : Now sketch a new graph of what you think the weights of all college students look like. Is this similar to your sketch in part a?
What does the growth elasticity of poverty reduction tell us : Identify that have affected poverty and inequality in China and India? What does the growth elasticity of poverty reduction tell us?
Define all relevant typologies or categories : Identify the statistics for the incident and rate of your selected criminal behavior in the U.S. Evaluate any issue you find with the statistics.
What are two pros and two cons of the trade barriers used : What are the main goods and services the United States traded internationally? What are two pros and two cons of the trade barriers used?
Why is the leftmost bar in the first histogram misleading : Observe the leftmost bars in both histograms. Why is the leftmost bar in the first histogram misleading?
Chemicals of concern in the environment : Explain the position of the FDA or EPA regarding your selected chemical - What is the position of your state government regarding your selected chemical?
Construct a stem-and-leaf display for the given data : Refer to the data on weights of 44 college students given in Exercise. Create a dotplot of all 44 weights. Then create stacked dotplots for the weights of male.
What is the difference between gdp and gnp : What is the difference between GDP and GNP? How did GNP change from 2013? What caused these changes? What was National Income (NI) for 2014?

Reviews

Write a Review

Macroeconomics Questions & Answers

  Why is the united states so conservative

Why is the United States so conservative, both fiscally and socially, relative to the rest of the industrialized world? We are more or less the only country without universal healthcare and we've been lagging behind on civil rights issues such as..

  Describe the development of the international space station

Take a stand on whether or not economic growth really makes people better off in the long term. Provide support for your response. Give your opinion on whether or not the development of the International Space Station stimulated economic growth. J..

  Computation of elasticity of demand

What elasticity of demand did the Village Administrator seem to assume here in his prediction for 1970- 1971? Compute the approximate elasticity of demand (round off, two decimal places is close enough).

  How much do you expect your revenue to be

On average, how much do you expect your revenue to be? Your accounting profit? Your economic profit? Will you quit your job and try your hand at being an entrepreneur?

  Substitution and income effects

Illustrate how the change in quantity breaks down into the substitution and income effects this question will appear on my next exam and worst 30 points, so plz answer according to the 30 points (30/100)

  Exclude the appealing logic of the coase theorem

Exclude the appealing logic of the Coase theorem, private actors often fail to resolve on their own the problems caused by externalities.

  Was the pound weaker or stronger against the dollar

Was the pound weaker or stronger against the dollar? Did the dollar appreciate or depreciate versus the pound? Calculate the cost of a U.S. dollar in terms of British pounds in 1996 and 1998.

  Why the payoff matrix in problem indicates prisoners dilemma

Explain why the payoff matrix in Problem indicates that firms A and B face the prisoners' dilemma. Problem states: from the following payoff matrix, where the payoffs are the profits or lesses of the two firms, determine (a) whether firm A has a ..

  Macroeconomics and guarantee accuracy

Would you be able to solve a timed(3 hrs) online exam for me in macroeconomics and guarantee accuracy? It focuses on The Aggregate Expenditure Model, Using the Aggregate Demand - Aggregate Supply Model, Money and the Federal Reserve, and Monetary ..

  Explain what will happen to potential gdp

explain what will happen to real wage rate The real wage would decrease since there would be a larger working population. The real wage would increase as productivity increases.

  Establishing a network connection

In your option what are the challenges in establishing a network connection between two points over a large distance, describe your own knowledge of this network configuration.

  How mightthis affect the legislator ability to get reelected

How do politicalparties and congressional leaders change a legislator's ability to be responsive to his or her district's median voter? How mightthis affect the legislator's ability to get reelected? Is it better for legislators to answer to party..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd