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MGEA02H3 Lecture : Lecture notes week 12

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lavenderdonkey6
1 Dec 2010
School
UTSC
Department
Economics for Management Studies
Course
MGEA02H3
Professor
Gordon Cleveland

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MGEA02H3 Full Course Notes
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MGEA02H3 Full Course Notes
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Document Summary

Last week of classes (monday, wednesday and thursday) : review class on thursday (regular time available on video) Thursday 1 2 pm & monday december 7 1 4pm. Exports goods and services sold to other countries. Imports goods and services purchased from other countries. Quota a limit imposed on the total value or quantity of a good that can be imported each year. About 40% of the goods and services we produce each year are exported. About 35- 40% of the value of all goods we consume each year are imported, which is up from 15% in 1961. Bigger percentage than germany, france, mexico, china, u. s. japan. In absolute terms, canada is one of the top ten trading countries in the world. More than 80% with u. s. about billion of exports and about billion of imports. N motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment; chemicals, plastics, fertilizers; wood pulp,

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Related Questions

Real GDP per person is not an accurate measure of the standard of living because it​ ______.

A. omits the goods and services that people produce for themselves.
B. omits the goods and services imported from other countries.
C. includes the goods and services that governments buy.
D. includes goods and services bought by firms.

Goods and services purchased from international sources are

A. Exports.

B. Imports.

C. Net exports.

D. Net imports.

As a consumer, describe your benefits regarding the availability of a wide range of low-cost, high-quality goods and services which are produced in other countries, such as, cell phones and flat-screen televisions.

As a voter, describe your concerns regarding international trade, such as the politics of free trade versus protection. Do you think tariffs or quotas should be imposed on imported goods to provide U.S. producers an "even playing field"? Before you advocate for tariffs and quotas think about how other countries will retaliate.

Finally, as an employee, describe your concerns regarding the loss of U.S. jobs, since international trade spurs job offshoring, and it also provides freer access to U.S. markets by foreign producers.