How is the international economy qualitatively different in the first part of the 21st century from what it was like in the first part of the 20th century?
What will be an ideal response?
Since tariffs and quotas have been reduced (and would have been the common barriers in the past), now nations are addressing issues related to deeper levels of integration, which involve domestic policies such as labor or environmental standards or investment policies. Today there are multilateral international governmental organizations that address global economic issues where none existed then. There has been a significant increase in the number of regional trade agreements.
You might also like to view...
When a firm's long-run average cost is constant as output increases, the firm is experiencing constant returns to scale
Indicate whether the statement is true or false
Phillips's research looked at British data on
A) unemployment and inflation. B) unemployment and nominal wage growth. C) inflation and nominal wage growth. D) unemployment and output.