Exam 9: Global Markets in Action

The figure above shows the U.S. market for T-shirts, where SUS is the domestic supply curve and DUS is the domestic demand curve. The United States trades freely with the rest of the world. The world price of a T-shirt is $5. -In the figure above, with international trade U.S.consumers buy million T-shirts per year at per T-shirt.

Free

(Multiple Choice)

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Question 1

Correct Answer:

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How does a tariff affect the domestic price of the import, the domestic consumption, the domestic production, and the quantity imported?

Free

(Essay)

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Question 2

Correct Answer:

Verified

A tariff raises the price of the good.As a result, domestic consumption decreases as domestic consumers decrease the quantity they demand.And, also as a result, domestic production increases as domestic producers increase the quantity they supply.Because domestic consumption decreases and domestic production increases, the quantity imported decreases.

Relative to free trade, when a tariff is imposed in a market for an imported good

Free

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Question 3

Correct Answer:

Verified

A major reason why it is difficult to lower the barriers to free trade is

(Multiple Choice)

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Question 4

-The figure above shows the U.S.demand and U.S.supply curves for cherries.At a world price of $2 per pound once international trade occurs, the total exports of cherries from the United States to other nations equals

(Multiple Choice)

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Question 5

When a country exports a good, the country's producer surplus , consumer surplus , and the country from the trade.

(Multiple Choice)

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Question 6

A specified maximum amount of the good that may be imported in a given period of time is a

(Multiple Choice)

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Question 7

If an import quota is imposed on imports of shrimp into the United States, U.S.consumer surplus from shrimp will and U.S.total surplus from shrimp will .

(Multiple Choice)

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Question 8

The two main reasons why international trade is restricted is because restricting trade means that governments can and because domestic businesses .

(Multiple Choice)

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Question 9

-The above figure shows the U.S.market for replacement cell phone batteries.Area E is the

(Multiple Choice)

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Question 10

-The above figure shows the U.S.market for wheat.With international trade, consumer surplus is equal to ________.

(Multiple Choice)

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Question 11

A nation has a comparative advantage in a good when it has a

(Multiple Choice)

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Question 12

The United States imports t-shirts because

(Multiple Choice)

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Question 13

Of the following, which group is hurt by a tariff?

(Multiple Choice)

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Question 14

When a nation exports a good, its surplus increases and its surplus increases.

(Multiple Choice)

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Question 15

Goods and services that we buy from firms in other countries are called our

(Multiple Choice)

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Question 16

Most t-shirts bought by Americans are made in Asia.U.S.consumers of t-shirts buy these t-shirts because

(Multiple Choice)

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Question 17

What is rent seeking with respect to restricting international trade?

(Multiple Choice)

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Question 18

Dumping is defined as the situation in which

(Multiple Choice)

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Question 19

When a nation exports a good, its surplus decreases and its surplus increases.

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Question 20

Showing 1 - 20 of 276

How does a tariff affect the domestic price of the import, the domestic consumption, the domestic production, and the quantity imported?

Relative to free trade, when a tariff is imposed in a market for an imported good

A major reason why it is difficult to lower the barriers to free trade is

-The figure above shows the U.S.demand and U.S.supply curves for cherries.At a world price of $2 per pound once international trade occurs, the total exports of cherries from the United States to other nations equals

When a country exports a good, the country's producer surplus , consumer surplus , and the country from the trade.

A specified maximum amount of the good that may be imported in a given period of time is a

If an import quota is imposed on imports of shrimp into the United States, U.S.consumer surplus from shrimp will and U.S.total surplus from shrimp will .

The two main reasons why international trade is restricted is because restricting trade means that governments can and because domestic businesses .

-The above figure shows the U.S.market for replacement cell phone batteries.Area E is the

-The above figure shows the U.S.market for wheat.With international trade, consumer surplus is equal to ________.

A nation has a comparative advantage in a good when it has a

The United States imports t-shirts because

Of the following, which group is hurt by a tariff?

When a nation exports a good, its surplus increases and its surplus increases.

Goods and services that we buy from firms in other countries are called our

Most t-shirts bought by Americans are made in Asia.U.S.consumers of t-shirts buy these t-shirts because

What is rent seeking with respect to restricting international trade?

Dumping is defined as the situation in which

When a nation exports a good, its surplus decreases and its surplus increases.

Getting Started

The Usand Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Externalities

Public Goods and Common Resources

Markets With Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters

Exam 9: Global Markets in Action

How does a tariff affect the domestic price of the import, the domestic consumption, the domestic production, and the quantity imported?

Relative to free trade, when a tariff is imposed in a market for an imported good

A major reason why it is difficult to lower the barriers to free trade is

-The figure above shows the U.S.demand and U.S.supply curves for cherries.At a world price of $2 per pound once international trade occurs, the total exports of cherries from the United States to other nations equals

When a country exports a good, the country's producer surplus ________, consumer surplus ________, and the country ________ from the trade.

A specified maximum amount of the good that may be imported in a given period of time is a

If an import quota is imposed on imports of shrimp into the United States, U.S.consumer surplus from shrimp will ________ and U.S.total surplus from shrimp will ________.

The two main reasons why international trade is restricted is because restricting trade means that governments can ________ and because domestic businesses ________.

-The above figure shows the U.S.market for replacement cell phone batteries.Area E is the

-The above figure shows the U.S.market for wheat.With international trade, consumer surplus is equal to ________.

A nation has a comparative advantage in a good when it has a

The United States imports t-shirts because

Of the following, which group is hurt by a tariff?

When a nation exports a good, its ________ surplus increases and its ________ surplus increases.

Goods and services that we buy from firms in other countries are called our

Most t-shirts bought by Americans are made in Asia.U.S.consumers of t-shirts buy these t-shirts because

What is rent seeking with respect to restricting international trade?

Dumping is defined as the situation in which

When a nation exports a good, its ________ surplus decreases and its ________ surplus increases.

Getting Started

The Usand Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Externalities

Public Goods and Common Resources

Markets With Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters

When a country exports a good, the country's producer surplus , consumer surplus , and the country from the trade.

If an import quota is imposed on imports of shrimp into the United States, U.S.consumer surplus from shrimp will and U.S.total surplus from shrimp will .

The two main reasons why international trade is restricted is because restricting trade means that governments can and because domestic businesses .

When a nation exports a good, its surplus increases and its surplus increases.

When a nation exports a good, its surplus decreases and its surplus increases.