Week+12.InternationalTrade.2009

Week+12.InternationalTrade.2009 - Week 12 ECMA04...

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1 Week 12 – ECMA04 International Trade Last week of classes (Monday, Wednesday and Thursday) The Final Exam – When?: Tuesday, December 8 th - 9 - 12 Where?: in various locations (check the website) What format? 40 MC and 2 short answer Help?: Review class on Thursday (regular time – available on video) Prof available for help? TA’s will do office hours this week Tutorials?
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2 How did you do on the midterm?
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3 This week: International Trade Exports – goods and services sold to other countries Imports – goods and services purchased from other countries
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4 Barriers to trade: Tariff – a tax on imported product Quota – a limit imposed on the total value or quantity of a good that can be imported each year Other possible barriers to trade: - Preferential government purchasing arrangements - Product inspection and labeling requirements
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5 Does trade matter to Canada? About 40% of the goods and services we produce each year are exported About 35- 40% of the value of all goods we consume each year are imported Up from 15% in 1961 Bigger percentage than Germany, France, Mexico, China, U.S. Japan
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6 In absolute terms, Canada is one of the top ten trading countries in the world. More than 80% with U.S. (more manufactured goods from Canada go to the U.S. than stay in Canada!) About $490 Billion of exports About $440 Billion of imports What do we export? motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment; chemicals, plastics, fertilizers; wood pulp, timber, crude petroleum, natural gas, electricity, aluminum What do we import? machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods
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7 Which is better – exports or imports? Which helps Canada more? Discuss.
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8 Does trade make countries better off, or does it make some countries worse off? Do small, inefficient countries suffer from trade (because their industries are less well developed)? Or do they gain from trade (because labour is cheap)?
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This note was uploaded on 06/11/2011 for the course ECMA 04 taught by Professor Cleverland during the Fall '09 term at University of Toronto- Toronto.

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Week+12.InternationalTrade.2009 - Week 12 ECMA04...

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