ECO100Y5 Chapter Notes - Chapter 34: Asteroid Family, Trade Diversion, Trade Creation

78 views5 pages
School
Department
Course
Professor
sophiapham192 and 37296 others unlocked
ECO100Y5 Full Course Notes
53
ECO100Y5 Full Course Notes
Verified Note
53 documents

Document Summary

34. 1 free trade or protection: tariff- a tax applied on imports of goods/services, non tariff barriers (ntbs)- restrictions other than tariffs designed to reduce imports (import quotas, customers procedures, etc) The case for free trade: free trade encourages countries to specialize in producing products in which they have comparative advantage maximizes world production maximizes average world living standards. The case for protection: protection- any government policy that interferes with free trade in order to protect domestic firms and workers from foreign competition, arguments for protection: Promoting diversification: decrease a country"s national income, for a small country, specializing in production of only a few products has. Technological advances may render its basic product obsolete. Invalid arguments for protection: arguments frequently heard in political debates concerning international trade: Canada: canadian money can buy canadian products and assets that others want. Create domestic jobs: if protectionist policies reduce imports, there will be more employment in.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related textbook solutions

Related Documents