A quota

Use the scenario to answer the following questions:Suppose that Canada, an industrialized nation, and Mexico, a developing nation, both produce clothes and cars. The real wage in Mexico is lower than in Canada. The countries have a free trade agreement. Each nation will find a comparative advantage. Which country’s consumers will benefit from the free trade agreement?

The United States is able to experience economic growth to the extent that

What activity defines a market?

When a foreign supplier sells a good below the price it charges in its home country, this is called

Wages are higher in Country X than in Country Y. If the countries decide to trade, which country or countries should expect to benefit, and why?

Exporting nations often agree to voluntary export restraints in an attempt to

The simple circular flow diagram leaves out some important details. For one thing, in addition to interacting with each other, households and firms also interact with

The following table presents data on imports and exports as a percentage of gross domestic product (GDP) for select countries in 2015, based on data from the World Bank. Use the table to answer the following questions: Country Exports as aPercentage of GDP Imports as aPercentage of GDP Australia 19.8 21.2 Belgium 84.4 82.7 Chile 30.1 30.3 China 22.4 18.8 South Korea 45.9 38.9 United States 12.6 15.5 Based on data from the table, which country had the largest trade deficit as a percentage of GDP in 2015?

Extreme sensitivity to sunlight would occur with?