Free Trade

Free Trade

Q 1:

I support free trade because it provides opportunities for economic growth and improved standards of living globally. Trading in the absence of restrictions such as tariffs and quotas allows each country to harness its utilization of resources.

Q 2:

I support NAFTA because it has contributed to improved standards of living in the U.S through reduced food and oil prices, and the creation of jobs. These outcomes have helped to boost America’s economic growth.

 Q 3:

The economic basis for trade is that it allows countries to consume more than their maximum domestic output. According to Bade and Parkin (2015), the limitation of natural and human resources in a country means that each country is only efficient in producing particular goods and services.

Q 4:

The endowment of different countries with different natural and human resources necessitates free trade. Recently, I bought raspberries and green beans from Mexico. NAFTA has allowed such products to reach the American consumers.

Q 5:

The United States has a comparative advantage in producing goods such as motor vehicles, computer/IT equipment and chemical products. These goods constitute the top five U.S exports to other NAFTA members.

Q 6:

            The shirt that I am wearing today is a product of China. More than 90 percent of the clothes in the American stalls are from overseas. 

Q 7:

People do not buy American products because the imports from other countries are significantly cheaper in comparison to the products made in the U.S. 

Q 8:

The immobility of factors of production leads to specialization and international trade.

Q 9:

According to Shrivastava (2012), the main benefits of international trade include optimal utilization of resources, specialization, competitive prices and availability of a variety of goods and services. On the other hand, the main drawbacks of international trade include underdeveloped home industries, economic dependence and dumping of substandard goods.

Q 10:

Some of the situations that necessitate trade restrictions include national defense concerns, protection of infant industries and anti-dumping countermeasures.

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