Using World Trade Organization data (http://www.wto.org), identify the following: (a) the top ten exporting and importing countries in world merchandise trade and (b) the top ten exporting and importing countries of commercial services.

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…

If the United States produces 8 automobiles and Canada produces and Canada produces 2 automobiles, and the United States produces 8 units of lumber and Canada produces 4 units of lumber, should Canada trade with the U.S.? If so, what should be imported and what should be exported?

Which of the following is TRUE regarding trade and wages?     Countries with low productivity levels will always have lower wages than high-productivity nations whether they trade or not.   Trade can increase wages by increasing the productivity of labor.   Trade directly increases productivity, which in turn increases wages.   Trade helps to equalize wages between high- and low-productivity countries.

A small country imports T-shirts. With free trade at a world price of $10, domestic production is 10 million T-shirts and domestic consumption is 42 million T-shirts. The country's government now decides to impose a quota to limit T-shirt imports to 20 million per year. With the import quota in place, the domestic price rises to $12 per T- shirt and domestic production rises to 15 million T-shirts per year. The quota on T- shirts causes domestic consumers to A) gain $7 million. B) lose $7 million. C) lose $70 million. D) lose $77 million

If the United States produces 8 automobiles and Canada produces 2 automobiles and the United States produces 8 units of lumber and Canada produces 4 units of lumber, should the U. S. trade with Canada? If so, what should be imported and what should be exported?

Since the end of World War II, a) world trade has grown more rapidly than world output. b) world trade has grown more slowly than world GDP in the same time period. c) the trade-to-GDP ratios of most countries have fallen. d) world trade has grown more slowly than during the years leading up to World War II.

Identify which trade flows each international trade theory explains. Please choose at least one from trade partners, and one from industries Heckscher-ohlin theory  Trade partners: between two developed  or between developed and developing Industries: trade in the same industry or trade between different industries   New Trade theory Trade partners:between two developed  or between developed and developing Industries: Trade in same industry or trade between different industries   Product Life cycle theory trade partners: between two developed or between developed and developing Industries: trade in same industry or trade between different industries

Choose a developing country that is starting to participate in global trade. Describe how economic concepts are affecting the lives of people in that country. Describe both the benefits and drawbacks of the country’s global trade activities.