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In terms of trading bloc characteristics, how does the EU (European nation) compare with the 50 States in the U.S.?
What does the WTO do that differentiates it from the section 201provision of U.S. trade law? What is Multilateralism and how has it been influenced by trade regulation and regional trade blocks?

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Nusrat Fatima
Nusrat FatimaLv10
28 Sep 2019

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Related questions

After listening to the audio clip WTO sides with the U.S. in Poultry Dispute with China, consider the full impact of a restriction on trade such as a tariff. Do trade restrictions evoke retaliation by trade partners, and how would this affect the gains from trade? Use this link: http://www.wto.org/english/tratop_e/dispu_e/dispu_status_e.htm to begin your research on some of the trade disputes brought before the WTO. What is the nature of the claim, and does the action by the defendant impede free trade and therefore deserve scrutiny?

Question 1

  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.
    Ā  Ā 
    World Trade Organization
    Ā  Ā 
    United Nations
    Ā  Ā 
    European Central Bank
    Ā  Ā 
    International Human Rights Commission

Question 2

  1. 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.
    Ā  Ā 
    increased all
    Ā  Ā 
    removed some
    Ā  Ā 
    removed all
    Ā  Ā 
    increased some

Question 3

  1. According to the theory of comparative advantage, a country should specialize and ________ goods with ________ opportunity cost.
    Ā  Ā 
    import; the lowest
    Ā  Ā 
    import; negative
    Ā  Ā 
    export; the lowest
    Ā  Ā 
    export; the highest

Question 4

  1. A quota is a restriction on imports.
    True
    False

    Question 5

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

    Question 6

    1. According to comparative advantage, trade between two countries allows ________ of the trading countries to use its resources most efficiently.
      Ā  Ā 
      only the smaller
      Ā  Ā 
      only the larger
      Ā  Ā 
      neither
      Ā  Ā 
      each

    Question 7

    1. ________ 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.
      Ā  Ā 
      Only one
      Ā  Ā 
      No
      Ā  Ā 
      Every
      Ā  Ā 
      Only 3

    Question 8

    1. In 1991, the European Union began the process of forming the
      Ā  Ā 
      largest free-trade zone in the world.
      Ā  Ā 
      only continental military force in the world.
      Ā  Ā 
      first international trade agreement in the world.
      Ā  Ā 
      first unified currency in the world.

      1. Question 9

        1. The Smoot-Hawley tariff set off an international trade war in the
          Ā  Ā 
          1930s.
          Ā  Ā 
          1950s.
          Ā  Ā 
          1970s.
          Ā  Ā 
          1990s.



          Please help me with these questions Thank you.

4. (Part A) Suppose the USA and China are considering whether to engage in trade. Here are the production possibilities of the two countries before trade occurs:

Table 1. Production of Apparel or Chemicals in the USA and China.

The Opportunity Costs of producing one product or the other are displayed.

1000Ć¢Ā€Ā™s of Tons of

Apparel Units Chemicals

Nation Produced or Produced

USA 50 or 150

China 30 or 60

Which nation has the comparative advantage in producing Apparel? Which nation has the comparative advantage in producing chemicals? Explain how you arrived at these conclusions.

Explain the Law of Comparative Advantage, and its application to trading relationships between nations. In the example above, if the two nations decide to engage in mutually beneficial trade, which nation should specialize in producing Apparel and which nation should specialize in producing Chemicals, and Why?

Suppose a trade proposal is made to exchange 1 thousand units of apparel for 2.5 tons of chemicals. Would these terms of trade (1 Apparel : 2.5 Chemicals ) be acceptable to, and mutually beneficial for, both the USA and China as trading partners? Why or why not?

What are the Ć¢Ā€ĀœpayoffsĆ¢Ā€Ā from open trade? What are some of the limitations associated with open trade?

4. (Part B) Suppose the USA and EU are trading, and currencies must be exchanged as goods/services are imported and exported between the two regions. The $USD is the currency of the USA, and the Ć¢Ā‚Ā¬Euro is the currency of the EU.

a. Are the following statements correct or incorrect? Why or why not?

Ć¢Ā€ĀœIf the USA is exporting its goods to the EU, these exports from the USA to the EU create a demand for Ć¢Ā‚Ā¬Euros in the Currency Exchange Market for Ć¢Ā‚Ā¬Euros.Ć¢Ā€Ā

Ć¢Ā€ĀœIf the USA is importing goods from the EU, these imports to the USA from the EU create a supply of $USD in the Currency Exchange Market for $USDĆ¢Ā€Ā™s.Ć¢Ā€Ā

Ć¢Ā€ĀœIf the EU is importing goods from the USA, these imports to the EU from the USA create a demand for $USD in the Currency Exchange Market for $USDĆ¢Ā€Ā™s.Ć¢Ā€Ā

Throughout your answer to any of these other questions, use graphs as needed (all axes and functions completely labeled) to accompany your written analyses.

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