Background info
What does free trade allow countries to do without tariffs or quotas?
Exchange goods, services, and capital freely
When was the WTO created?
1995
What percent of U.S. GDP comes from trade?
about 25%
Why are MNC executives the one to benefit from larger profit margins?
Because they often have the most shares and are due more dividends
What are two key groups associated with free trade ?
WTO & MNCs
WTO Cases have fallen to ___ of its original amount
one-third
What event caused the loss of over 2 million U.S. manufacturing jobs?
The “China Shock”
How has the China trade shock affect manufacturers in developed countries?
China become a significant global exporter and replaced these manufacturers
Education helps workers keep jobs when trade changes (True/False)
True
The legal system is a “central element in providing _______ and __________ to the multilateral trading system”
security and predictability
Which U.S. sector gains a lot from free trade?
Agriculture
Over the past 30 years, the richest 1% of the population has increased their pay by __% while the bottom 90% has only increased by 26%
160%
Which 19th-century British law imposed tariffs on grains and contributed to the Irish famine of 1845?
The Corn Laws
Which organization did the WTO replace?
GATT (General Agreement on Tariffs and Trade, 1947)
What U.S. program helps workers who lose jobs from trade?
Trade Adjustment Assistance (TAA)
How many manufacturing jobs were lost in the US between 2000-2007?
1.5-2 million jobs