ECON 1102 Lecture Notes - Lecture 17: Peanut Butter, California Roll, Quinpool District

30 views11 pages

5 Sep 2016

School

Department

Course

Professor

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

Identify and explain the objectives of gatt, wto, eu, euro zone, and nafta, and discuss offshoring and those hurt by free trade. Four economic flows link canada and the rest of the world: trade flows of goods and services; resource flows of capital and labour; information and technology flows; and financial flows. In 2014, exports of goods and services were 31. 6% of canadian gdp and imports of goods and services were 32. 5% of canadian gdp. Trade (as a share of gdp and in dollar terms) has increased over time. Trade (exports + imports) as a share of gdp is around 64% in canada, but only 30% in the u. s. Canada almost entirely dependent on other countries for bananas, cocoa, coffee, spices, tea, raw silk, tin, and natural rubber; imported goods compete with canadian goods in many markets. As well, many canadian industries rely on sales abroad, including agricultural products, computers, chemicals, aircraft, and automobiles.

Question 1

In 2003, the ________ ruled that U.S. tariffs on steel imported from the EU were unfair and allowed the EU to issue retaliatory tariffs on U.S. products.

World Trade Organization

United Nations

European Central Bank

International Human Rights Commission

Question 2

The idea of the U.S.-Canadian Free-Trade Agreement that ________ barriers to trade including tariffs and quotas between the United States and Canada by 1998 was to increase the amount that the United States exports to Canada and the amount that the United States imports from Canada.

increased all

removed some

removed all

increased some

Question 3

According to the theory of comparative advantage, a country should specialize and ________ goods with ________ opportunity cost.

import; the lowest

import; negative

export; the lowest

export; the highest

Question 4

A quota is a restriction on imports.

True

False

Question 5

If Holland decreases subsidies to its tulip growers, the price of tulips in the United States will rise.

True

False

Question 6

According to comparative advantage, trade between two countries allows ________ of the trading countries to use its resources most efficiently.

only the smaller

only the larger

neither

each

Question 7

________ U.S. president(s) who has/have held office since GATT was signed has argued for free-trade policies, yet each one has used his powers to protect various sectors of the economy.

Only one

No

Every

Only 3

Question 8

In 1991, the European Union began the process of forming the

		largest free-trade zone in the world.
		only continental military force in the world.
		first international trade agreement in the world.
		first unified currency in the world.

Question 9
1. The Smoot-Hawley tariff set off an international trade war in the
  
  1930s.
  
  1950s.
  
  1970s.
  
  1990s.
  
  Please help me with these questions Thank you.

magentadeer293

ECON 1102 Lecture Notes - Lecture 17: Peanut Butter, California Roll, Quinpool District

Document Summary

Get access

Related Documents

ECON 1102 Lecture Notes - Lecture 18: Foreign Exchange Market, Canadian Dollar, United States Dollar

ECON 1102 Chapter Notes - Chapter 17: Price Discrimination, General Agreement On Tariffs And Trade, Infant Industry Argument

ECON 1102 Lecture Notes - Lecture 19: Soybean, Absolute Advantage, Opportunity Cost

Related Questions