Principles of economics 2nd by mankiw chapter 09

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Application: International Trade Chapter Copyright © 2001 by Harcourt, Inc All rights reserved.   Requests for permission to make copies of any part of the work should be mailed to: Permissions Department, Harcourt College Publishers, 6277 Sea Harbor Drive, Orlando, Florida 32887-6777 Harcourt, Inc items and derived items copyright © 2001 by Harcourt, Inc International Trade What determines whether a country imports or exports a good? Harcourt, Inc items and derived items copyright © 2001 by Harcourt, Inc International Trade Who gains and who loses from free trade among countries? Harcourt, Inc items and derived items copyright © 2001 by Harcourt, Inc International Trade What are the arguments that people use to advocate trade restrictions? Harcourt, Inc items and derived items copyright © 2001 by Harcourt, Inc Equilibrium Without Trade Assume: A country is isolated from rest of the world and produces steel  The market for steel consists of the buyers and sellers in the country  No one in the country is allowed to import or export steel  Harcourt, Inc items and derived items copyright © 2001 by Harcourt, Inc Equilibrium Without Trade Price of Steel Domestic supply Consumer surplus Equilibrium Price Producer surplus Domestic demand Equilibrium quantity Harcourt, Inc items and derived items copyright © 2001 by Harcourt, Inc Quantity of Steel Equilibrium Without Trade Results:   Domestic price adjusts to balance demand and supply The sum of consumer and producer surplus measures the total benefits that buyers and sellers receive Harcourt, Inc items and derived items copyright © 2001 by Harcourt, Inc World Price and Comparative Advantage If the country decides to engage in international trade, will it be an importer or exporter of steel? Harcourt, Inc items and derived items copyright © 2001 by Harcourt, Inc World Price and Comparative Advantage The effects of free trade can be shown by comparing the domestic price of a good without trade and the world price of the good The world price refers to the prevailing price in the world markets  A country will either be an exporter or an importer of the good Harcourt, Inc items and derived items copyright © 2001 by Harcourt, Inc World Price and Comparative Advantage If a country has a comparative advantage, then the domestic price will be below the world price, and the country will be an exporter of the good Harcourt, Inc items and derived items copyright © 2001 by Harcourt, Inc ... copyright © 2001 by Harcourt, Inc World Price and Comparative Advantage The effects of free trade can be shown by comparing the domestic price of a good without trade and the world price of the good... off, and domestic consumers of the good are better off  Trade raises the economic well-being of the nation as a whole because the gains of consumers exceed the losses of producers Harcourt, Inc... and domestic consumers of the good are worse off  Trade raises the economic well-being of the nation as a whole Harcourt, Inc items and derived items copyright © 2001 by Harcourt, Inc International
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