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Who wins and who loses from free trade? Why is there so much opposition to free trade?
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2. Why is a tariff superior to an import quota? Should either be used ever? Under what circumstances? |
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3. In Germany it takes three workers to make one television and four workers to make one video camera. In Poland it takes six workers to make one television and 12 workers to make one video camera. Calculate the opportunity cost of producing one video camera in Germany and in Poland. Which country has a comparative advantage in the production of video cameras? |
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4. The European Union (EU) has eliminated import restrictions among its members. Who is helped by this and who is hurt? |
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5. What are some of the reasons the United States has run up such huge deficits on its trade balance (we import much more than we export)?
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6. What are the effects of an appreciation of the U.S. Dollar against the Japanese Yen? Who benefits? Who loses? |
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7. “When you buy a SONY TV you are really buying Japanese Yen”. Explain. |
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8. Do you believe American consumers should boycott goods made in countries that use child labor? (This question calls for your own opinion.)
9. How can there be any economic gains for a country from both importing and exporting the same good, like cars?
10. What might account for the dramatic increase in international trade over the past 50 years?
11. Briefly explain how trade barriers save jobs in protected industries, but only by costing jobs in other industries.
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