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Transportation costs and comparative advantage,

101107 Trinity, impossible, 463 Two-point arbitrage, 386 Two-tier tariff, 161163


Uncovered interest arbitrage, 395396 Unemployment, inflation with, 505506 Unfair trading practices, protection against, 212213 Unilateral transfers, 347 Unimportant, importance of being, 43 Union customs, 273 economic, 273 monetary, 273 United auto workers (UAW), 320 United Kingdom (UK) and entering European Union (EU), 278 United States balance of payments, 350354 borrowing at very low cost, 359360 continuing to run current account deficits indefinitely, 361363 as debtor nation, 365 Department of Commerce, 173, 178 falls behind on trade liberalization, 274 fiscal stimulus and buy American legislation, 180 foreign investment in, 358 immigration policy harming domestic workers, 336 industrial policies of, 218220 multinationals exploit foreign workers, 313 NAFTA benefits and costs for, 294297

as open economy, 711 tariff policies before 1930, 187188 tax code sending American jobs offshore, 330 United States automakers, globalization drives changes for, 7879 United States automobile industry, Japanese transplants in, 320321 United States beef, Europe has cow over hormone-treated, 181182 United States freight system, terrorist attacks and, 105107 United States manufacturers, appreciation of dollar and, 447 United States trade deficit, dollar depreciation and not closing, 456 United States-China trade, applying factor-endowment theory to, 7374 United Steelworkers (USW) union, 201 Uruguay Round, 194, 284 U.S. see United States



cost-insurance-freight (CIF), 114 customs, 114 free-on-board (FOB), 114 Value, labor theory of, 33 Value of marginal product (VMP), 332 Variable levies, 283284 Variables, economic, 405 Vertical diversification, 310 Vietnamese catfish, case for, 175 Volkswagen hedges against foreign-exchange risk,



Wage and health insurance, 216218 Wage and price controls, 506 Wages, immigrants hurting American workers,

337 Wal-Mart, 264 Warehouse, bonded, 122 Warner-Lambert Drug Co., 214 Wealth of Nations, The (Smith), 32 Welfare effects, 323325 Welfare effects, tariff, 125135 Wind, leaning against the, 474 Workers

guest, 334 international trade and, 2022 U.S. immigration policy harming domestic, 336 U.S. multinationals exploit foreign, 313 Workerswages, immigrants hurting American,

337 World Bank, 249251 World steel industry, competition in, 25 World Trade Organization (WTO), 162, 191,

195201 Russia and, 305306 Worlds reserve currency, SDRs replacing dollar

as, 518519 Www.cengage.com/economics/Carbaugh, 428



appreciation of, 445447 Japanese firms outsource production and strong, 444

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