After reading this chapter, you should be able to: understand the theories that attempt to explain why certain goods
are traded internationally comprehend the arguments for imposing trade restrictions explain the two basic kinds of import restrictions: tariff and nontariff
trade barriers state the agreements reached during the Uruguay Round appreciate the relevance of the changing status of tariff and nontariff
barriers to businesspeople recognize the weaknesses of GNP/capita as an economic indicator identify the common characteristics of developing nations understand the new definition of economic development, which includes
more than economic growth understand why some governments are changing from an import substitution
strategy to one of export promotion and the implications of this change for
businesspeople explain some of the theories of foreign direct investment |