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2 Nov 2020

14. International trade is based on the notion that:

a. Different currencies are an obstacle to international trade 

b. Goods are more mobile internationally than are resources

c. Resources are more mobile internationally that are goods

d. A country’s exports should always exceed its imports 

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Microeconomics
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Explaining the Theories of International Trade
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Raushan Raj
Raushan RajLv8
2 Nov 2020

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Related questions

International Trade: Think of the importance of trade in your life. Look simply at what you're wearing today. When you shop, do you look for the "Made in the USA" label? Perhaps you believe we might be better off as a nation economically if we produced more goods in the attempt to become more self-supportive. Perhaps you believe we should increase the amount of goods traded internationally. Opinions and speculation vary as much as the number of economists that predict economic climate. Having said this, as a nation, simply put, we trade. And with that activity come many rules and regulations to try and ensure our best interests are protected. Based on this; 1. How is international trade regulated? Log on to www.wto.org and click the "Trade Topics" tab to learn about the scope of trade agreements and trade controversies. What is involved in "trade agreements"? 2. Log on to www.bea.gov and view the "international" tab, then "Trade in Goods and Services." What is the current balance of trade for the United States? Has this balance been increasing or decreasing? Based on the current economic conditions, how do you think this balance will move in the near future, and why? (Define the overall subject of each question. Cited at least three (3) resources from this week's materials.
Which describes the difference between a trade surplus and a trade deficit?
 
a) A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports.
 
b) A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports.
 
c) A trade surplus is when a country produces more than it consumes, while a trade deficit happens when consumption exceeds production.
 
d) A trade deficit is when a country loses money on products it makes, while a trade surplus happens when production leads to profits.
 
 

Trade allows countries to use national resources more efficiently and enables industries and workers to be more productive. Trade may even allow countries to achieve higher living standards and keep the cost of many everyday products low. Without international trade, most nations would be unable to feed, clothe, and house their citizens at current levels. In fact, some types of food would become unavailable, or obtainable only at very high prices. For example, in Brazil, where coffee beans and sugar cane are readily available, prices on these items would remain low. However, coffee and sugar could become luxury items in countries such as Canada.

For this discussion activity, respond to the following prompts:

Choose one item that is internationally traded (other than the example presented) and hypothesize what would happen if this item were no longer internationally traded.

Identify who has this product, describe how it is currently used, what its current benefit is, and what happens if it is now unavailable.

Be creative with the product you select; it does not have to be an everyday, common product! (300 Words Minimum)

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