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The U.S. government restricting the quantity of sugar imports into the country is an example of a(n):
The key industries argument for trade restrictions relies on the notion that:
Which of the following statements regarding trade is NOT true?
A trade quota on imports:
Which of the following arguments is valid in the economics of international trade?
Who does protectionism hurt?
Which of the following statements is TRUE about the removal of trade barriers?
Restricting the importation of foreign automobiles will:
Technology and trade:
Answer1) b is the right option
The U.S. government restricting the quantity of sugar imports into the country is an example of trade Quota
A restriction that limits the max quantity of a good that my be
imported in a given period (US with sugar, bananas, textiles, and
S + quota (but doesnt go below world price)
Answer2- b is the right option
The key industries argument for trade restrictions relies on the notion that some industries deserve protection because they provide positive spillover effects to the rest of the economy.
Answer 3 ) a is the right option
Trade raises the price of goods for both trading partners are false statement for trade.
Answer 4) d is the right option
A trade quota on imports that benefits domestic producers and hurts domestic consumer.
The economic effects of an import quota is
- Protection to domestic industries from foreign comp.
- Protection to workers who otherwise might be laid off.
- Rising prices for the consumer by reducing the amount of cheaper, foreign-made goods
- Reducing competition for domestic industries
Answer 5 b is the right option
Trade can result in a net job gain in the whole country.
Answer 6 ) b is the right answer
International Producers and Domestic Consumers
Answer 7) c is the right option
Consumers benefit while some suppliers are harmed.
Answer 8) b is the right option
Restricting the importation of foreign automobiles will raise the price of both foreign and domestic automobiles.
Answer9) d is the right option
Technology and trade both destroy jobs in the short run but increase the standard of living in the long run
The U.S. government restricting the quantity of sugar imports into the country is an example of...
As a result of U.S. quotas on sugar imports, all of the following are true, EXCEPT: Question 2 options: a) the United States pays about twice the world price for sugar. b) the gains to American producers are greater than the losses to American consumers. c) foreign sugar producers—mostly in poor countries—suffer. d) a small group of domestic sugar producers benefit. Taxes and quotas on imports can ______ jobs in industries that import and ________ jobs in industries that export....
7. A small country imports sugar. With free trade at the world price of $0.10 per pound, the country’s national market is: The country’s government now decides to impose a quota that limits sugar imports to 240 million pounds per year. With the import quota in effect, the domestic price rises to $0.12 per pound, and domestic production increases to 160 million pounds per year. The government auctions the rights to import the 240 million pounds. Calculate how much domestic...
Paradise is a small country that under free trade imports roses at $2.00 a dozen. Its domestic demand curve and domestic supply curve for roses are as follows: D = 100 - 10 P S = 10 + 10 P Calculate the equilibrium quantity imported under free trade. Under free trade: M = _________ If the government imposes a tariff of $1.00 on roses show graphically and calculate the impact of this tariff Graph: Under tariff: Domestic...
Question Completion Status: QUESTION 1 exists in society. When I benefit because you increase your education a ca. positive private cost b. positive private benefit C. negative externality d. positive externality QUESTION 2 When a positive externality is present the market will produce a. too little and charge more than a fair market value price. b. too little product and charge less than a fair market value price. C. an efficient amount and charge a fair price. d. too much...
Discuss the impact of at least 2 instruments of government intervention relevant to the overseas operation of AfterPay Touch. (The 6 Types of Government Intervention) 1. Protectionism - National economic policies that restrict free trade. Usually intended to raise revenue or protect domestic industries from foreign competition. 2. Customs - The checkpoint at national ports of entry where officials inspect imported goods and levy tariffs. 3. Tariff - A tax on imports (e.g., autos, textiles) 4. Non-Tariff Trade Barrier -...
The demand and supply for automoblles In a certain country is given In the graph below. The world price of automobles is $8,000. a. Assuming that the economy Is closed, find the equilibrium price and quantity of automobles. Instructions: Indicate the equilibrium price and quantity using the tool "Equilibrium* by clicking on the appropriate Intercept on the given graph. Market for Cars Price of cars (S) 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Tools...
(1) Suppose the country of Rotherham is targeted by Home country tariffs. Some possible consequences of these tariffs include a.Rotherham residents make fewer visits to the Home country, so they buy fewer Home country products b. the Rotherham government imposes tariffs on Home country products c. Home country firms doing business in Rotherham get treated more harshly by the Rotherham government d. both B and C e.A and B and C (2) There is always a loss of world Total...
QUESTION 1 Suppose the country of Rotherham is targeted by Home country tariffs. Some possible consequences of these tariffs include, a. Rotherham residents make fewer visits to the Home country, so they buy fewer Home country products b. the Rotherham government imposes tariffs on Home country products c. Home country firms doing business in Rotherham get treated more harshly by the Rotherham government d. both B and C e. A and B and C QUESTION 2 There is always a...
QUESTION 16 If the world price of cotton is less that the price that would occur domestically without trade, then a country will decrease its demand for cotton and increase its demand for cotton substitutes increase its demand for cotton and decrease its demand for cotton substitutes import cotton export cotton QUESTION 17 A trade quota is a restriction on the quantity of goods that can be imported a tax on imports a tax on exports the restriction of trade...
Suppose that the United States currently both produces kumquats and imports them. The U.S. government then decides to restrict international trade in kumquats by imposing a quota that allows imports of only six million pounds of kumquats into the United States each year. The figure to the right shows the results of imposing the quota. Fill in the following table (enter all numeric responses rounded to the nearest penny for prices and as whole numbers for quantities). .Su.s With Without...