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Chapter 33: Q.26 (page 804)

In World Trade Organization meetings, what do you think low-income countries lobby for?

Short Answer

Expert verified

For reduction in trade barriers

Step by step solution

01

Step 1. Introduction 

World trade organization is an international trade organization that was established in 1995. WTO deals with rules of international trade between different countries.

02

Step 2. Explanation

Smaller countries have limited scope without trade. Limited possibilities for trade and competition exist in their internal market. In international trade, smaller countries receive relatively greater benefits than larger countries. Thus, smaller countries are likely to negotiate for a reduction in trade barriers, specifically in agricultural products and labor-intensive products because smaller countries are likely to export such products.

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Most popular questions from this chapter

True or False: The source of comparative advantage must be natural elements like climate and mineral deposits. Explain.

Under what conditions does comparative advantage lead to gains from trade?

Brazil can produce 100 pounds of beef or 10 autos. In contrast the United States can produce 40 pounds of beef or 30 autos. Which country has the absolute advantage in beef? Which country has the absolute advantage in producing autos? What is the opportunity cost of producing one pound of beef in Brazil? What is the opportunity cost of producing one pound of beef in the United States?

Do consumers benefit from intra-industry trade?

Is it possible to have a comparative advantage in the production of a good but not to have an absolute advantage? Explain.
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