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What is the current account balance? Does the financial account equal the current account? What is the statistical discrepancy?
Determine the subcategory of the current account or financial account that each transaction would be classified in, and state whether it would enter as credit.
For example, when the United States tried to protect endangered sea turtles, the WTO prevented it. Assess this claim.
What are the arguments in favor of using trade barriers to enforce labor and environmental standards? Assess each argument.
Discuss the reasons why using trade barriers to enforce labor or environmental standards may be less efficient than other measures.
What are labor standards, and why are arguments about labor standards confined primarily to arguments between high-income countries on the one hand?
Why do standards vary across countries? Illustrate your answer with examples in the area of labor standards.
When high-definition television (HDTV) was first considered a possibility in the US? Why would the government see an advantage to setting one standard?
What are the three ways for countries to handle different standards abroad? Do standards have to be the same for countries to be integrated?
What are the four legal procedures that American firms have at their disposal for seeking protection?
What four main groups of arguments do nations use to justify protection for particular industries? Which are economic, and which are noneconomic?
Given that quotas cost consumers and that they are grossly inefficient means for creating or preserving jobs, why do citizens allow these policies to exist?
What new areas of trade and investment received coverage under the agreement signed after the Uruguay Round of the General Agreement on Tariffs and Trade?
Which industries are more heavily protected in the United States and Japan? Are high-income or low-income nations more affected by American and Japanese trade?
If, in addition to the 20 percent tariff on the final good, a 20 percent tariff. What is the effective rate of protection for U.S. bike manufacturers?
Explain the idea of transparency, and how nontariff measures may be nontransparent.
The Uruguay Round of the GATT began a process of phasing out the use of voluntary export restraints. Why did nations use them instead of tariffs?
In addition to the production and consumption side deadweight losses, what are some of the other potential costs of tariffs?
What are the values of consumer and producer surplus? How much revenue does the government earn from the tariff?
In the text, the point is made that the expectation of a crisis from volatile. How can a crisis develop as the self-fulfillment of the expectation of a crisis?
Why would macroeconomic policy coordination help, who should coordinate, and what are some of the obstacles to coordination?
what would be the effects on income, consumption, employment, and real exchange rates of policies designed to reduce or eliminate a current account deficit?
Some countries have fixed exchange rate systems instead of flexible systems. How does the exchange rate system limit their ability to use monetary policy?
Describe the mechanism that leads from a change in fiscal policy to changes in interest rates, the exchange rate, and the current account balance.
What are some of the problems in trying to use fiscal and monetary policies?