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What is required for economic restructuring and integrating the countries of Eastern Europe and the former Soviet Union into the world economy?
What is Mercosur? Why have attempts at economic integration among developing nations generally met with limited success or failure?
What is the magnitude of the static and dynamic benefits to members resulting from the formation of the EU?
What was the effect of the formation of the EU on trade in industrial and agricultural products with the rest of the world?
What dynamic benefits are the nations forming a customs union likely to receive? How do they arise? How large are they?
What is the theory of the second best? In what way is the theory of customs unions an example of the theory of the second best?
What is meant by trade diversion? What static welfare effects will a trade-diverting customs union have on member nations and on the rest of the world?
What is meant by trade creation? What static welfare effects will a trade-creating customs union have on member nations and on the rest of the world?
What is meant by economic integration? a preferential trade arrangement? a free trade area? a customs union? a common market? an economic union?
Illustrate the infant-industry argument for protection by drawing the long-run average cost curve of an efficient foreign firm facing constant returns.
What price should the monopolist charge in the domestic market (P1) and in the foreign market (P2)? How much he should sell on the international market.
Draw a straight-line demand curve for a commodity crossing both axes and its corresponding marginal revenue curve.
Calculate the rate of effective protection when t is 40 percent, ai is 0.5, and ti (the nominal tariff on the imported input) is 40 percent.
Suppose that a nation reduces import tariffs on raw materials and intermediate. What effect will this have on the rate of effective protection in the nation?
Why are other nations likely to retaliate when a nation imposes an optimum tariff? What is likely to be final outcome resulting from process of retaliation?
What is meant by the optimum tariff? What is its relationship to changes in the nation's terms of trade and volume of trade?
What is the effect of the tariff on the degree of specialization in production in a small nation? the volume of trade? the welfare of the nation?
What is the tariff structure of developed nations? What is the most serious shortcoming of the concept and measure of effective protection?
What are the major accomplishments of the Kennedy Round? of the Tokyo Round? What do the Trade Acts of 1984 and 1988 provide?
What is the importance of the Trade Agreements Act of 1934? What are the ruling principles of GATT?
What are the other qualified arguments for protection? In what way must they be qualified?
What is the infant-industry argument for protection? How must this argument be qualified?
What are the fallacious and questionable arguments for protection? Why are they fallacious and questionable?
What is meant by dumping? What are the different types of dumping? Why is dumping undertaken? What conditions are required to make dumping possible?
What are international cartels? How do their operations restrict trade? Which was the most successful international cartel during the 1970s?