International Economics

International Economics

Robert J. Carbaugh

Language: English

Pages: 550

ISBN: 1133947727

Format: PDF / Kindle (mobi) / ePub


Any suggestions for copywriter or provide generic description of the product to be used for the Internet or non-channel specific applications. NOTE: If you have a book only version for this product, it is imperative that you provide a description that does not include any references to package elements. Now in its Fourteenth Edition, this proven, market-leading book remains a favorite among readers of all backgrounds for its clear, concise treatment of international trade and finance theory. Using a wealth of contemporary examples and practical applications, INTERNATIONAL ECONOMICS vividly demonstrates the relevance of theory to real-world economic issues and policy questions. Discussions are presented both verbally and graphically, making the book highly accessible even if you have little economics background. As you will soon discover, "if it's clear, concise and contemporary, it has to be Carbaugh!"

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Country. Importers who are successful enough to be able to pay the tariff duty still get the product. Also, a tariff may be offset by the price reductions of a foreign producer that can cut costs or slash profit margins. Tariffs allow for some degree of competition. However, by imposing an absolute limit on the imported good, a quota is more restrictive than a tariff and suppresses competition. The degree of protection provided by a tariff is determined by the market mechanism, but a quota.

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To import smaller, more fuel efficient vehicles from their subsidiaries in Asia and Europe. However, this would have decreased employment in an already depressed industry. The U.S. government thus enacted separate but identical standards for domestic and imported passenger cars. General Motors, Ford, and Chrysler, that manufactured vehicles in the United States and also sold imported cars, would be required to fulfill CAFÉ targets for both categories of vehicles. Thus, U.S. firms could not.

Production of a good, Smith reasoned that a nation would produce that good at a lower cost and become more competitive than its trading partner. Smith viewed the determination of competitiveness from the supply side of the market.3 Smith founded his concept of cost on the labor theory of value that assumes within each nation, labor is the only factor of production and is homogeneous (of one quality) and the cost or price of a good depends exclusively on the amount of labor required to 2 David.

And cheap resource is used. Conversely, it will import commodities in the production of which a relatively scarce and expensive resource is used. The theory also states that with trade, the relative differences in resource prices between nations tend to be eliminated. 3. According to the Stolper–Samuelson theorem, increases in income occur for the abundant resource that is used to determine comparative advantage. Conversely, the scarce factor realizes a decrease in income. 4. The.

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