Question

In: Economics

1) Imports are a negative to an economy. True False 2) Which of the following had...

1) Imports are a negative to an economy.

True

False

2) Which of the following had a negative impact on trade?

Increased Trade agreements

Reduced trade barriers

Improved Transportation

None of these

3) Globalization is a modern concept that has proponents and opponents though most people have seen some positive benefits.

True

False

4) Which of the following tends to have a negative effect on trade. (Pick all correct answers)

Dictators

War

Tarriffs

Nationalization

New Technology

Expert Solution

1) True. Imports are a negative to an economy and this is the reason why they are considered as leakages in the circular flow. Imports are never added in GDP as economy does not produce them.

2) Increased Trade agreements seems to be having a negative impact on trade because they tend to impose trade barriers that increase tariffs, quotas and other restrictive trade practices. This reduces the overall volume of trade.

3) The statement is True. Globalization has both its proponents and people voicing against it but more or less it has reduced barriers of national boundaries and the world has somehow integrated more than before. The results have been promising despite some tragic effects on few economies.

4) Dictators, War, nationalization and Tarriffs tend to have a negative effect on trade. The reason is that they all favour nationalism and favor a trade diversion policy. This is not good for the flow free trade between countries and so the volume of trade falls.

Rahul Sunny answered 2 years ago

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