Open-ended questions
Please answer all the four questions.
I. What is the difference between a nominal tariff and an effective tariff? What is the usefulness of the concept of effective protection? How is the rate of effective protection measured?
II. What is meant by capital-abundant nation? What types of goods and services would you expect such a country to specialize in exporting? How do US exports reflect the forego
A nation is capital abundant if its endowment of capital is large compared to other countries.
III. The GATT strongly favors tariffs as a protective measure over quotas or other nontariff measures. It encourages new members to convert quotas to their tariffs equivalents. One of the main reasons that tariffs are preferred is because they are more transparent, particularly by comparison to nontariff measures. Explain the idea of transparency, and how nontariff measures may be nontransparent.
IV. Given the economic growth and development of the Chinese economy, What type of economic environment appears to be best for developing countries seeking to promote their own growth and development through engagement in the global economy?
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