Question

Short Answer Questions 1. Explain trade barriers and list two kinds of trader barriers. 2. Is...

Short Answer Questions

1. Explain trade barriers and list two kinds of trader barriers.

2. Is trade today different from the past? Please list three points to support your opinion.

3. In your opinion, what's the impacts of globalization on international trade?

4. Some people say international trade is always bad while some other people believe that international trade is always good. Do you think their opinions are right or wrong? Please defense your answer with what you learned in this class in detail.

5. Which one of the three basic international trade models (i.e., the Ricardian Model, the Specific-Facotor Model, and the H-O model) do you like most, why? (Please explain with real world cases or relevant theories)

6. Talk about your gains and thoughts during and after studying international trade.

Homework Answers

Answer #1

ANSWER 1:

Trade barriers are the restrictions put up by the government for indulging in trade with a foreign country, state, or region. The trade barriers may be used to promote domestic production and to reduce the imports. The two kinds of trade barriers are as follows:

a) Taxes

The government puts a high amount of taxes and duties on the movement of products and services from the domestic country to a foreign country. These are the monetary restrictions.

b) Quotas

The quotas are another kind of trade barrier where the restriction is put on the number of goods or services to be transported from one place to another. It restricts the movement of goods above a certified limit.

ANSWER 2:

Yes, the trade today is different from the past. I think so because of the following reasons:

a) The world is leading towards globalization. The nations are indulging in international trade more frequently as compared to the past.

b) The technologies being used are updated regularly and all the companies are adopting modern technologies rapidly. On the other hand, the technology used was not very popular in the past. The world was more labor-intensive earlier, but now it is moving towards more and more machinery.

c) The competition is increasing day by day. The companies today have to deal with cut-throat competition and survive in the market. Earlier, the level of competition was not so intense.

ANSWER 3:

Globalization has put a great impact on international trade. More nations are coming together to do trade with each other and their governments are simplifying the entry of foreign players into their market. This has increased the reach of a company to a larger market. The consumers can also have access to a great variety of products at attractive prices. Thus, competition is also increasing. The firms have to formulate their strategies as per their competitors and a price drop by one firm forces the competitors to do the same to survive in the market.

Globalization has affected international trade both, positively and negatively. On one hand, it provides the consumers with a variety of products at cheaper prices, the companies can import the raw materials easily and set up their subsidiaries in a foreign country with cheaper resources. On the other hand, it raises the competition and making the survival difficult, and domestic production may also get affected adversely due to the presence of multinationals.

ANSWER 4:

International trade has its advantages and disadvantages. I think both opinions are partially correct. For supporting my view, I would mention the advantages and disadvantages of international trade.

Advantages:

1. It allows consumers to have a variety of products are at a cheaper price.

2. The companies can easily procure raw materials and resources from foreign countries.

3. The nations can sell their surplus products to foreign nations and earn profits through competitive advantage.

Disadvantages:

1. This is leading to cut-throat competition.

2. It is difficult for some firms to survive due to intense competition.

3. The domestic production may get affected negatively due to the presence of MNCs.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Short Answer Questions 1. Explain trade barriers and list two kinds of trader barriers. 2. Is...
Short Answer Questions 1. Explain trade barriers and list two kinds of trader barriers. 2. Is trade today different from the past? Please list three points to support your opinion. 3. In your opinion, what's the impacts of globalization on international trade? 4. Some people say international trade is always bad while some other people believe that international trade is always good. Do you think their opinions are right or wrong? Please defense your answer with what you learned in...
Please read the article below, and answer the questions that follow. In doing so, remember the...
Please read the article below, and answer the questions that follow. In doing so, remember the following, - Although the use of generic theories, covered in class/your module guide/text book will provide a framework, the expectation for the student is to be able to discuss it in context with research relevant to South Africa and your own reflective experiences. - You are required to extensively research current South African trends, amidst our changing political landscape and benchmarked against a global...
Team 5 answer the questions What are 4 key things you learned about the topic from...
Team 5 answer the questions What are 4 key things you learned about the topic from reading their paper? How does the topic relate to you and your current or past job? Critique the paper in terms of the organization and quality. Incentive Systems             In this paper, we will focus primarily on financial rewards that companies use to attract, retain and motivate the brightest and most talented candidates in the labor market. By providing a reward system that...
read Seasons of Love chapter:measuring a child's life after suicide. please answer the questions : reflect...
read Seasons of Love chapter:measuring a child's life after suicide. please answer the questions : reflect on what happens to the families when there is a suicide in the family, based on the Seasons of Love chapter...how should people be told? What details are best left unshared? below is the story These theories may have a certain face-validity, but they often neglect environmental or contextual factors that are innate to answering the question of “why” a person might engage in...
Please answer the following Case analysis questions 1-How is New Balance performing compared to its primary...
Please answer the following Case analysis questions 1-How is New Balance performing compared to its primary rivals? How will the acquisition of Reebok by Adidas impact the structure of the athletic shoe industry? Is this likely to be favorable or unfavorable for New Balance? 2- What issues does New Balance management need to address? 3-What recommendations would you make to New Balance Management? What does New Balance need to do to continue to be successful? Should management continue to invest...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
Circle the letter that corresponds to the best answer for each question. 1.     Which of the...
Circle the letter that corresponds to the best answer for each question. 1.     Which of the following statements concerning the nursing process is accurate? a.     The nursing process is nurse oriented. b.    The steps of the nursing process are separate entities. c.     The nursing process is nursing practice in action. d.    The nursing process comprises four steps to promote patient well-being. 2.     Which of the following groups legitimized the steps of the nursing process in 1973 by devel- oping standards...
QUESTION 1 1. Brianna is trying to increase her chances of being promoted to vice president...
QUESTION 1 1. Brianna is trying to increase her chances of being promoted to vice president by working to build good work relationships with other managers outside her own department. Brianna's behavior should be viewed as dysfunctional politics. functional politics. coercive power. functional influence. 2 points QUESTION 2 1. The Gingerbread Factory has a separate unit that makes their chocolate crunch cookies and another unit that is completely responsible for all operations in producing their ginger snap cookies. The Gingerbread...
Please don't copy and paste from other website. Outline the key fiscal and monetary policy actions,...
Please don't copy and paste from other website. Outline the key fiscal and monetary policy actions, respectively, of New Zealand against the COVID-19 shocks(already outlined below) use appropriate macroeconomic models and theories covered in this course to explain their expected impacts. Discuss any limitations of these policy actions. (~600 words) TIPS: ⮚ If there are many policy actions, you could list all of them but focus on the key ones for discussion. ⮚ The government may take multiple actions (e.g....
Asia’s e-commerce landscape has been booming in recent years. The swift adoption of smartphones and greater...
Asia’s e-commerce landscape has been booming in recent years. The swift adoption of smartphones and greater access to the internet has allowed consumers in the region to be a major force in the global digital economy. The expansion looks set to continue at a rapid pace. According to a November 2018 report by Fitch Solutions, e-commerce sales in the region are forecast to increase by 14.2% this year, with an estimated average annual increase of 14% over the medium term...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT