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Chapter 21: Q.11 (page 522)
Explain the logic behind the 鈥渞ace to the bottom鈥� argument and the likely reason it has not occurred.
Because of the argument of 鈥渞ace to the bottom鈥� countries can compete for jobs.
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In principle, the benefits of international trade to a
country exceed the costs, no matter whether the country is importing or exporting. In practice, it is not always possible to compensate the losers in a country, for example, workers who lose their jobs due to foreign imports. In your opinion, does that mean that trade should be inhibited to prevent losses?
What are some examples of innovative products
that have disrupted their industries for the better?
Assume a perfectly competitive market and the exporting country is small. Using a demand and supply diagram, show the impact of increasing standards on a low-income exporter of toys. Show the tariff's impact. Is the effect on toy prices the same or different? Why is a standards policy preferred to tariffs?
Microeconomic theory argues that it is economically rationale (and profitable) to sell additional output as long as the price covers the variable costs of production. How is this relevant to the determination of whether dumping has occurred?
Is it legitimate to impose higher safety standards on imported goods that exist in the foreign country where the goods were produced?
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