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Principles of Macroeconomics 2e, Globalization and Protectionism, Arguments in Support of Restricting Imports
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CC BY
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By the end of this section, you will be able to:

Explain and analyze various arguments that are in support of restricting imports, including the infant industry argument, the anti-dumping argument, the environmental protection argument, the unsafe consumer products argument, and the national interest argument
Explain dumping and race to the bottom
Evaluate the significance of countries’ perceptions on the benefits of growing trade

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Globalization and Protectionism, How Governments Enact Trade Policy: Globally, Regionally, and Nationally
Unrestricted Use
CC BY
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By the end of this section, you will be able to:

Explain the origin and role of the World Trade Organization (WTO) and General Agreement on Tariffs and Trade (GATT)
Discuss the significance and provide examples of regional trading agreements
Analyze trade policy at the national level
Evaluate long-term trends in barriers to trade

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Globalization and Protectionism, International Trade and Its Effects on Jobs, Wages, and Working Conditions
Unrestricted Use
CC BY
Rating
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By the end of this section, you will be able to:

Discuss how international trade influences the job market
Analyze the opportunity cost of protectionism
Explain how international trade impacts wages, labor standards, and working conditions

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Globalization and Protectionism, Protectionism: An Indirect Subsidy from Consumers to Producers
Unrestricted Use
CC BY
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By the end of this section, you will be able to:

Explain protectionism and its three main forms
Analyze protectionism through concepts of demand and supply, noting its effects on equilibrium
Calculate the effects of trade barriers

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Globalization and Protectionism, The Tradeoffs of Trade Policy
Unrestricted Use
CC BY
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By the end of this section, you will be able to:

Asses the complexity of international trade
Discuss why a market-oriented economy is so affected by international trade
Explain disruptive market change

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Government Budgets and Fiscal Policy, Automatic Stabilizers
Unrestricted Use
CC BY
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By the end of this section, you will be able to:

Describe how the federal government can use discretionary fiscal policy to stabilize the economy
Identify examples of automatic stabilizers
Understand how a government can use standardized employment budget to identify automatic stabilizers

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Government Budgets and Fiscal Policy, Federal Deficits and the National Debt
Unrestricted Use
CC BY
Rating
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By the end of this section, you will be able to:

Explain the U.S. federal budget in terms of annual debt and accumulated debt
Understand how economic growth or decline can influence a budget surplus or budget deficit

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Government Budgets and Fiscal Policy, Government Spending
Unrestricted Use
CC BY
Rating
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By the end of this section, you will be able to:

Identify U.S. budget deficit and surplus trends over the past five decades
Explain the differences between the U.S. federal budget, and state and local budgets

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Government Budgets and Fiscal Policy, Practical Problems with Discretionary Fiscal Policy
Unrestricted Use
CC BY
Rating
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By the end of this section, you will be able to:

Understand how fiscal policy and monetary policy are interconnected
Explain the three lag times that often occur when solving economic problems
Identify the legal and political challenges of responding to an economic problem

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Government Budgets and Fiscal Policy, The Question of a Balanced Budget
Unrestricted Use
CC BY
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By the end of this section, you will be able to:

Understand the arguments for and against requiring the U.S. federal budget to be balanced
Consider the long-run and short-run effects of a federal budget deficit

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Government Budgets and Fiscal Policy, Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
Unrestricted Use
CC BY
Rating
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By the end of this section, you will be able to:

Explain how expansionary fiscal policy can shift aggregate demand and influence the economy
Explain how contractionary fiscal policy can shift aggregate demand and influence the economy

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Inflation, How the U.S. and Other Countries Experience Inflation
Unrestricted Use
CC BY
Rating
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By the end of this section, you will be able to:

Identify patterns of inflation for the United States using data from the Consumer Price Index
Identify patterns of inflation on an international level

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Inflation, How to Measure Changes in the Cost of Living
Unrestricted Use
CC BY
Rating
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By the end of this section, you will be able to:

Use the Consumer Price Index (CPI) to calculate U.S. inflation rates
Identify several ways the Bureau of Labor Statistics avoids biases in the Consumer Price Index (CPI)
Differentiate among the Consumer Price Index (CPI), the Producer Price Index (PPI), the International Price Index, the Employment Cost Index, and the GDP deflator.

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Inflation, The Confusion Over Inflation
Unrestricted Use
CC BY
Rating
0.0 stars

By the end of this section, you will be able to:

Explain how inflation can cause redistributions of purchasing power
Identify ways inflation can blur the perception of supply and demand
Explain the economic benefits and challenges of inflation

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021
Principles of Macroeconomics 2e, Inflation, Tracking Inflation
Unrestricted Use
CC BY
Rating
0.0 stars

By the end of this section, you will be able to:

Calculate the annual rate of inflation
Explain and use index numbers and base years when simplifying the total quantity spent over a year for products
Calculate inflation rates using index numbers

Subject:
Applied Science
Material Type:
Module
Author:
OpenStax College
Date Added:
07/18/2021