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Chapter 21: Q 5. (page 521)

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

Short Answer

Expert verified

International trade will affect the working of low-income countries in various ways.

Step by step solution

01

Step 1. Definition

International trade is defined as the exchange or trading of goods and services between two or more nations.

02

Step 2. Explanation

As international trade happens between two countries it will affect the low-income country in a positive way. This is because if the investment increases in their country, it will increase the employment and income and also the working conditions of the low-income country economy. This in turn raises the standards and quality of living also. So, all the low-income countries will be benefitted hugely from international trade.

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Most popular questions from this chapter

Why do you think that the GATT rounds and,

more recently, WTO negotiations have become longer and more difficult to resolve?

If opening up to free trade would benefit a nation, then why do nations not just eliminate their trade barriers, and not bother with international trade negotiations?

What are main reasons for protecting 鈥渋nfant industries鈥�? Why is it difficult to stop protecting them?

Economists sometimes say that protectionism is

the 鈥渟econd-best鈥� choice for dealing with any particular problem. What they mean is that there is often a policy choice that is more direct or effective for dealing with the problem鈥攁 choice that would still allow the benefits of trade to occur. Explain why protectionism is a 鈥渟econd-best鈥� choice for:

a. helping workers as a group

b. helping industries stay strong

c. protecting the environment

d. advancing national defense

What is the difference between a free trade association, a common market, and an economic union?
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