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Chapter 34: Q. 5. (page 831)

How does international trade affect working conditions of low-income countries?

Short Answer

Expert verified

International trade have immense positive impact on the working conditions of lo-income countries.

Step by step solution

01

Step 1. Meaning of international trade.

Countries exchanging goods and services between them is called international trade. International trade provide consumers and countries with the opportunity to get exposed to goods and services not available in their own countries, or more expensive domestically.

02

Step 2. International trade have immense affect in the working of low-income countries.

a) International trade tends to reduce the price of consumption goods, creating welfare gains for consumers in low-income countries.

b) In low-income countries, the welfare effect of unilateral trade liberalization through consumption tends to be pro-poor.

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From the Work It Out "Effects of Trade Barriers," you can see that a tariff raises the price of imports. What is interesting is that the price rises by less than the amount of the tariff. Who pays the rest of the tariff amount? Can you show this graphically?

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