12_Lecture_Slides_with_Graphs

12_Lecture_Slides_with_Graphs - Economics 104 Fall 2010 1...

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Unformatted text preview: Economics 104 Fall 2010 1 The Economy in the Long Run Outline & Readings 1. Economic Growth chapter 14 2. International Trade chapter 15 3. Saving & Wealth chapter 16 4. Financial Markets chapter 17 Economics 104 Fall 2010 2 The Economy in the Long Run International Trade Broad objectives: The nature and importance of international trade in goods and services for Canada; trade policies. Determinants of trade; implications of tariffs and quotas (trade protection) Short-run versus long run effects of trade policy Economics 104 Fall 2010 3 1. Background: Canada and International Trade General features: Canada has always been very dependent upon international trade in goods and services. Canada is, relative to some other countries, relatively more trade dependent. Canada is now unusually dependent upon one trading partner: the United States. Canada trades in both goods (merchandise) and services. Merchandise trade relatively more important. Some details what do we export and import? . Commodities (crude energy, minerals, agriculture) are important exports but not as important as we might think. . Manufactured goods are our most important exports (major items: motor vehicles and parts) . Crude energy more important than manufactured energy products. . Imports predominantly manufactures. Trade Policy Trade policy (GATT, FTA, NAFTA) has steadily lowered the tariffs imposed on imports. WTO Summaries and International Comparisons Trade (Goods and Services) with All Countries 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 1 9 7 3 1 9 7 5 1 9 7 7 1 9 7 9 1 9 8 1 1 9 8 3 1 9 8 5 1 9 8 7 1 9 8 9 1 9 9 1 1 9 9 3 1 9 9 5 1 9 9 7 1 9 9 9 2 1 2 3 2 5 2 7 2 9 Year Share of GDP Exports: All Imports: All Historical Share of Exports 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 1 9 2 6 1 9 2 8 1 9 3 1 9 3 2 1 9 3 4 1 9 3 6 1 9 3 8 1 9 4 1 9 4 2 1 9 4 4 1 9 4 6 1 9 4 8 1 9 5 1 9 5 2 1 9 5 4 1 9 5 6 1 9 5 8 1 9 6 1 9 6 2 1 9 6 4 1 9 6 6 1 9 6 8 1 9 7 1 9 7 2 1 9 7 4 Year Share of GNP Trade in Goods and Services 0.74 0.76 0.78 0.80 0.82 0.84 0.86 0.88 0.90 0.92 1 9 7 1 1 9 7 4 1 9 7 7 1 9 8 1 9 8 3 1 9 8 6 1 9 8 9 1...
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12_Lecture_Slides_with_Graphs - Economics 104 Fall 2010 1...

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