Despite having a customs union, countries in the EU implemented a series of quality, health and safety regulations that could affect imported goods from EU members in the 1980s. What would be the impact of creating those frictional barriers on producers, consumers and the EU?  What would be the impact of those frictional barriers on the overall trade between members of the EU and between the EU and the rest of the world? What was the solution implemented to prevent these frictional barriers

Define protectionism as a policy and describe what a country stands to lose when it enacts such a policy.

do you think countries with distinctively different cultural, historical, and economic histories can effectively enter into a trade agreement? (at least one paragraph). Select one regional trading bloc and discuss the economic motivations for that group of countries to form an agreement. (at least one paragraph) Do you think the countries in the trading bloc you selected are likely to have cross-cultural similarities or differences? Explain. (at least one paragraph).

The small nation of Capralia has an abundant stock of Pashmina goats, a breed that yields high‑quality cashmere. Capralia's authorities are still debating whether to open their economy to international trade. The international price of cashmere is $70,000 per metric ton, and the Capralian cashmere sells for $50,000 per metric ton.

Ahead of the enlargement of the EU in early 2000s with 12 new members, there was a huge debate regarding the social protection of workers.  What do we mean by social dumping and what are its possible effects on the EU labour market?  Looking at the table above, could you conclude that social protection of EU workers decreased due to the integration of 12 new member States? Explain your answer Despite the possible consequences of social dumping on the integration process, the EU did not centralise the decisions regarding social protection in the labour market. What would be the reasoning behind such a decision?

For a blue cheese to be called "Roquefort cheese," it must be aged in the natural Combalou caves of Roquefort-sur-Soulzon in France. Because Australia also has a specialized blue cheese, "Meredith Blue," which it wants to protect, the Australian government requires cheese importers to fill out additional paperwork to verify where all imported blue cheese is aged. In this (fictional) scenario, what non-tariff barrier to trade is Australia employing? A. Buy domestic program B.Environmental standards C.Import licenses D.Quantitiative restrictions

In South Korea's state-led industrialization, export subsidies allowed South Korean products (from Samsung, Hyundai) to be sold all over the world. Compare and contrast export subsidies to import tariffs. Which factor might lead a country to decide on one or the other?

Economists generally agree that trade restrictions are detrimental to trade and reduce government efficiency. Why then do governments restrict trade? Arguments for restricting trade include to promote national defense, to impose sanctions on other countries, to protect domestic infant industries, to create or preserve domestic jobs, to ensure fair competition, and to retaliate for unfair trade policies of other governments Match each action to the correct argument for trade intervention Limits on trade with certain countries import duties on products from a foreign country Subsidies for industries considered vital to national security Subsidies for emerging industries Counterpan on imports Argument for Intervention To provide for national defense To impose sanctions To protect infant industries To ensure fair competition To provide retaliation Action Counterban on imports Limits on trade with certain countries import duties on products from a foreign country Subsidies for emerging…

In macroeconomics and international trade terms, briefly explain what could lead to an imbalance of import/export or excessive imports.

Describe benefits from international trade.