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Chapter 20: Q. 23 (page 490)

Does international trade, taken as a whole, increase the total number of jobs, decrease the total number of jobs, or leave the total number of jobs about the same?

Short Answer

Expert verified

Increases.

Step by step solution

01

Step1. Introduction 

International trade is the exchange of goods and services across the global/international borders. It refers to the free trade across countries.

02

Step2. Explanation

International trade enables the exchange of goods and services. It increases the domestic competition and pressurizes the domestic players to produce at an international standard. It further lets them export to varying countries leading to an increased demand and production. It accumulates trade wealth and gains, further enhancing the production due to capital accumulation.

All of it induces increased production, for which the firms will demand labor leading to creation of more and more job opportunities.

Hence, it international trade increases the job opportunities.

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Most popular questions from this chapter

If trade barriers hurt the average worker in an economy (due to lower wages), why does the government create trade barriers?

Why do you think that the GATT rounds and, more recently, WTO negotiations have become longer and more difficult to resolve?

What are the gains from competition?

What might account for the dramatic increase in international trade over the past 50 years?

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?
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