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International Economics 14th Edition by Robert Carbaugh
النسخة 14الرقم المعياري الدولي: 978-1285060347International Economics 14th Edition by Robert Carbaugh
النسخة 14الرقم المعياري الدولي: 978-1285060347 تمرين 1
Identify the major fallacies of international trade.
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A major fallacy about international trade is that trade is a zero-sum activity, meaning that one trading party must lose in order for another to gain. This is a misconception because when nations specialize in the production of certain goods and trade for other goods that are not domestically produced, a greater level of global efficiency is achieved. This result in a larger joint real output and allows both trading nations to enjoy higher standards of living.
Another fallacy is that imports increase unemployment in a country while exports promote growth and employment. This is also a false statement because in order for a country to pay for its increased imports, it must also increase its exports to pay for the goods. It is true that the act of importing cheaper goods lead to unemployment for domestic workers who are competing with foreign producers, but this is offset by the increase in employment in the export industries. People tend to forget that more jobs are created when the country increases its exports.
The last major fallacy about international trade is that the imposition of tariffs, quotas, and other import restrictions will promote a higher level of domestic employment. These restrictions act as trade barriers and reduce the sales of foreign producers. Similar to the second fallacy mentioned above, when other nations are reaping less profit they have less money to purchase exports from this country. One must remember that imports and exports go hand-in-hand and when something affects the volume of one, it will change the volume of the other.
Another fallacy is that imports increase unemployment in a country while exports promote growth and employment. This is also a false statement because in order for a country to pay for its increased imports, it must also increase its exports to pay for the goods. It is true that the act of importing cheaper goods lead to unemployment for domestic workers who are competing with foreign producers, but this is offset by the increase in employment in the export industries. People tend to forget that more jobs are created when the country increases its exports.
The last major fallacy about international trade is that the imposition of tariffs, quotas, and other import restrictions will promote a higher level of domestic employment. These restrictions act as trade barriers and reduce the sales of foreign producers. Similar to the second fallacy mentioned above, when other nations are reaping less profit they have less money to purchase exports from this country. One must remember that imports and exports go hand-in-hand and when something affects the volume of one, it will change the volume of the other.
International Economics 14th Edition by Robert Carbaugh
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