PCM
ECON 2301 MACROECONOMICS
Chapter 16
Below you will find the learning objective, concept, idea, term,
or theory that each question on the exam will cover. The numbers in the list
refer to the question number on Exam 4 that will test your knowledge of that
specific learning objective. Each of these topics/learning objectives is
discussed in the textbook in the order that they are listed below. A much better understanding can often be attained by
working through the "active graphs" and "smart graphs"
connected to many of these objectives in the online material.
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After reading Chapter 16, you should be able to:
- Use the concept of a world price to explain imports and exports.
- Use the concept of a world price to explain the gains from
trade.
- Show graphically how imports and exports affect market price,
quantity and the gains from trade.
- Discuss the GATT and world-wide trade agreements.
- Discuss regional trade agreements.
- Discuss tariffs and protectionism.
- Use supply and demand to analyze the effects of tariffs on
market conditions.
- Distinguish among the various barriers to trade that countries
might impose.
- Assess the arguments for and against protectionist policies.
- Examine whether an oil import fee can promote energy security.
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