consider the impact of quotas and tariffs on trade. Does U.S.
immigration policy serve as a sort of trade regulation to
artificially inflate labor rates? Explain the similarities.
1. Three policies used to restrict trade are: tariffs, quotas,
and regulatory trade restrictions. Discuss each of these
policies.
2. There are four main reasons why economists typically oppose
the use of trade restrictions. (1). From a global perspective, free
trade increases total output. (2). International trade provides
competition for domestic companies. (3). Restrictions based on
national security are often abused. (4). Trade restrictions are
addictive. Discuss each of these reasons.
Explain how international institutions such as World Trade
Organization (WTO), General Agreement on Tariffs and Trade (GATT),
World Bank and IMF provide public goods. Discuss the contributions
of these international institutions to the world economy as well as
the criticisms against their services and policies.
What is a multinational? Please provide an example. What are
tariffs? Import quotas, and embargo? What is the relationship
between them? What is the WTO? What is their purpose? Why was NAFTA
created? What is one benefit, and one drawback? Name 3 ways to
manage a business ethically.