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Chapter 20: Q. 13 (page 493)

What is intra-industry trade?

Short Answer

Expert verified

Intra-industry trade is an international trade of goods within the same industry and the products are both exported and imported by the country.

Step by step solution

01

Step 1. Meaning of international trade.

The exchange of goods and services across international borders or territories is called international trade.

02

Step 2. Meaning of intra-industry trade.

Intra-industry trade is an international trade of goods within the same industry and the products are both exported and imported by the country. For example: USA imports and exports for automobile industry.

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Most popular questions from this chapter

Are differences in geography behind the

differences in absolute advantages?

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Look at Table 20.9. Is there a range of trades for

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Brazil can produce 100pounds of beef or 10autos. In contrast, the United States can produce 40pounds of beef or 30autos. 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?

If the removal of trade barriers is so beneficial to international economic growth, why would a nation continue to restrict trade on some imported or exported products?
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