What would effects of law requiring bilateral trade balance

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1. Suppose a lawyer can type faster than any secretary. Should the lawyer do her own typing? Can you demon- strate the validity of your answer?

2. What would be the effects of a law requiring bilateral trade balances?

3. If a nation exported much of its output but imported little, would it be better or worse off? How about the reverse- that is, exporting little but importing a lot?

4. How does international trade restrain the price behavior of domestic firms?

5. Suppose we refused to sell goods to any country that re- duced or halted its exports to us. Who would benefit and who would lose from such retaliation?

6. Domestic producers often base their demands for import protection on the fact that workers in country X are paid substandard wages. Is this a valid argument for protection?

Reference no: EM13926129

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