Logout Open In App
Open In App
Warning: foreach() argument must be of type array|object, bool given in /var/www/html/web/app/themes/studypress-core-theme/template-parts/header/mobile-offcanvas.php on line 20

Chapter 32: Q. 32.1LO (page 710)

Explain why nations can gain from specializing in production and engaging in international trade

Short Answer

Expert verified

Getting and nurturing your optimal overseas consumer market might cost thousands of dollars.

Step by step solution

01

Introduction

There would be numerous costs while doing business overseas for are not only about taking quick sales. It's analogous to flirting. It is easy enough to find any date anymore, but meet this special anyone and deciding if you really are tall suited takes more money. The same must be said this for selling.

02

Given Information

This should need assessing is not whether your business is deeply committed on accessing international market.

03

Explanation

It could do that in a given direction. Expenditure towards management but also defense will have to be enhanced. More various payment options may be needed by sellers. Your business might well have arranged periodic visits to maintain up healthy, based on the industry and culture. Whatever requirement, the extra effort and cost will complement the commitment necessary for protracted progress

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Start your free trial

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Why do you think that heightened risk about gains or losses from market transactions is less likely than increased uncertainty to induce people to stop trading in the affected market?

32-7. Consider the table and answer the questions that follow.

a. What is the opportunity cost of producing modems in South Shore? Of producing flash memory drives in South Shore?

b. What is the opportunity cost of producing modems in Fast Isle? Of producing flash memory drives in East Isle?

c. Which natáon has a comparative advantage in producing modems? Which nation has a comparative advantage in producing flash memory drives?

Why do you suppose that infant-industry firms that have developed from novel products imports their governments to exact policies aimed at restraining parallel imports.

Critics of the North American Free Trade Agreement (NAFTA) suggest that much of the increase in exports from Mexico to the United States now involves goods that Mexico otherwise would have exported to other nations. Mexican firms choose to export the goods to the United States, the critics argue, solely because the items receive preferential treatment under NAFTA tariff rules. What term describes what these critics are claiming is occurring with regard to U.S.-Mexican trade as a result of NAFTA? Explain your reasoning.

Take a look at the panel (a) of Figure 32-4. On a per-unit basis, how much of the \(50-per-unit tariff on imported tablet devices are paid by U.S. consumers? On a per-unit basis, how much of the \)50-per-unit tariff is paid by Chinese tablet producing firms?
See all solutions

Recommended explanations on Economics Textbooks

Taxation Economics

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free