tailieunhanh - Ebook Economics - A contemporary introduction (7th edition): Part 2
(BQ) Part 2 book "Economics - A contemporary introduction" has contents: Introduction to macroeconomics, productivity and growth, measuring the economy and the circular flow, aggregate expenditure components, aggregate expenditure and aggregate demand, international macroeconomics,.and other contents. | 402 C H A P T E R C H A P T E R © Gary Conner/Index Stock Imagery 19 International Trade T his morning you pulled on your Levi’s jeans from Mexico, pulled over your Benetton sweater from Italy, and laced up your Timberland boots from Thai- land. After a breakfast that included bananas from Honduras and coffee from Brazil, you climbed into your Volvo from Sweden fueled by Venezuelan oil and headed for a lecture by a visiting professor from Hungary. If the United States is such a rich and productive country, why do we import so many goods and services? Why don’t we produce everything ourselves? And why do some groups try to restrict foreign trade? Answers to these and other questions are addressed in this chapter. The world is a giant shopping mall, and Americans are big spenders. Americans buy Japanese cars, French wine, Chinese kitchen gadgets, European vacations, and thousands of other goods and services from around the globe. But foreigners buy Use Homework Xpress! for economic application, graphing, videos, and more. American products too—grain, personal computers, aircraft, movies, trips to New Chapter 19 International Trade York City, and thousands of other goods and services. In this chapter, we examine the gains from international trade and the effects of trade restrictions on the allocation of resources. The analysis is based on the familiar tools of demand and supply. Topics discussed include: • Gains from trade • Import quotas • Absolute and comparative • Welfare loss from trade advantage revisited • Tariffs restrictions • Arguments for trade restrictions The Gains from Trade A family from Virginia that sits down for a meal of Kansas prime rib, Idaho potatoes, and California string beans, with Georgia peach cobbler for dessert, is benefiting from interstate already understand why the residents of one state trade with those of another. Back in Chapter 2, you learned about the gains arising from specialization and exchange. You .
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