A) is a tax imposed on imported goods. B) is a tax imposed on exported goods. C) encourages worldwide specialization according to the principle of comparative advantage. D) has no effect on prices paid by domestic consumers even though it increases the revenue collected by domestic producers. A) is a tax imposed on imported goods. B) is a tax imposed on exported goods. C) encourages worldwide specialization according to the principle of comparative advantage. D) has no effect on prices paid by domestic consumers even though it increases the revenue collected by domestic producers.

A) made most tariffs illegal. B) greatly raised tariffs. C) gave the President the right to broker trade deals with other nations. D) recognized Congress's right to deny trade authorization powers to the President. A) made most tariffs illegal. B) greatly raised tariffs. C) gave the President the right to broker trade deals with other nations. D) recognized Congress's right to deny trade authorization powers to the President.

Suppose the world price of a good is $4.Based on the table below,the country will \[\begin{array} { | l | l | l | } \hline \text { Price } & \text { QDemanded } & \text { QSupplied } \\ \hline 2 & 100 & 70 \\ \hline 4 & 95 & 75 \\ \hline 6 & 90 & 80 \\ \hline 8 & 85 & 85 \\ \hline 10 & 80 & 90 \\ \hline 12 & 75 & 95 \\ \hline \end{array}\]

A) import 20 units B) export 20 units C) import 10 units D) export 10 units A) import 20 units B) export 20 units C) import 10 units D) export 10 units

Exam 15: International Trade Policy

Consider a market that,with no international trade,is initially in equilibrium with quantity demanded equal to quantity supplied at a price of $20. If the world price of the good is $10 and the country opens up to international trade then in this market

Free

(Multiple Choice)

4.9/5

(40)

Question 1

Correct Answer:

Verified

Which of the following best describes the history of tariffs in the United States over the past 70 years?

Free

(Multiple Choice)

4.8/5

(36)

Question 2

Correct Answer:

Verified

If a government imposes a quota on imports of a popular doll,the price of the doll in the country will and the quantity purchased in the country will .

Free

(Multiple Choice)

4.8/5

(37)

Question 3

Correct Answer:

Verified

A tariff

(Multiple Choice)

4.8/5

(32)

Question 4

U.S.tariffs in the peaked in

(Multiple Choice)

4.9/5

(31)

Question 5

In 2012 the U.S.government reduced the quantity of sugar that can be imported from other nations.This action the price of sugar in the United States and the quantity consumed in the United States.

(Multiple Choice)

4.9/5

(34)

Question 6

When the principle of comparative advantage is used to guide trade,then a country will specialize by producing only

(Multiple Choice)

4.9/5

(40)

Question 7

The U.S.-Colombia Trade Promotion Agreement was signed on November 22,2006,in Washington,D.C.This comprehensive trade agreement eliminated tariffs and other barriers to goods and services.Currently,no U.S.agricultural exports enjoy tariff-free access to the Colombian market.If the United States has a comparative advantage in agricultural,which of the following is true?

(Multiple Choice)

4.9/5

(43)

Question 8

The Smoot-Hawley Act

(Multiple Choice)

4.8/5

(25)

Question 9

Some people assert that protection from foreign competition prevents rich countries from exploiting developing countries.What is this argument in more detail and what is its flaw?

(Essay)

4.8/5

(39)

Question 10

Usually the removal of trade barriers affecting a particular good benefits people domestically,each of whom gains a .

(Multiple Choice)

4.9/5

(36)

Question 11

The United States imposes a tariff on foreign limes.How does the tariff affect the U.S.price of a lime and the production of limes in the United States?

(Essay)

4.8/5

(28)

Question 12

The European Union imports bananas from Latin America as well as imports from Europe's former colonies in the African,Caribbean and Pacific (ACP) group. In 2006 the tariff on bananas from Latin America was higher than on ACP bananas. Which of the following statements is NOT true?

(Multiple Choice)

4.8/5

(34)

Question 13

The current U.S.average tariff rate

(Multiple Choice)

4.9/5

(39)

Question 14

Two arguments used to promote trade barriers are the infant-industry argument,and the dumping argument.Explain each of these arguments and evaluate whether each one has any flaws.

(Essay)

4.8/5

(33)

Question 15

During the first 6 months of 2008,the United States imported from Africa,Asia,and Latin America more than 1.6 billion pounds of coffee and did not export any coffee. Based on this,we know definitively that:

(Multiple Choice)

4.8/5

(26)

Question 16

When NAFTA was approved,Congress attempted to soften the losses suffered by some industries by

(Multiple Choice)

4.9/5

(37)

Question 17

Agriculture Secretary Ed Schafer today announced that Chile's Livestock and Agricultural Service approved the U.S.inspection,control and certification systems for poultry,allowing these products to enter the Chilean market effective immediately. What is NOT an effect of this change in Chilean policy on the Chilean poultry market?

(Multiple Choice)

4.9/5

(39)

Question 18

A tariff will benefit

(Multiple Choice)

4.8/5

(30)

Question 19

Suppose the world price of a good is $4.Based on the table below,the country will Price QDemanded QSupplied 2 100 70 4 95 75 6 90 80 8 85 85 10 80 90 12 75 95

(Multiple Choice)

4.9/5

(38)

Question 20

Showing 1 - 20 of 197

Consider a market that,with no international trade,is initially in equilibrium with quantity demanded equal to quantity supplied at a price of $20. If the world price of the good is $10 and the country opens up to international trade then in this market

Which of the following best describes the history of tariffs in the United States over the past 70 years?

If a government imposes a quota on imports of a popular doll,the price of the doll in the country will and the quantity purchased in the country will .

A tariff

U.S.tariffs in the peaked in

In 2012 the U.S.government reduced the quantity of sugar that can be imported from other nations.This action the price of sugar in the United States and the quantity consumed in the United States.

When the principle of comparative advantage is used to guide trade,then a country will specialize by producing only

The Smoot-Hawley Act

Some people assert that protection from foreign competition prevents rich countries from exploiting developing countries.What is this argument in more detail and what is its flaw?

Usually the removal of trade barriers affecting a particular good benefits people domestically,each of whom gains a .

The United States imposes a tariff on foreign limes.How does the tariff affect the U.S.price of a lime and the production of limes in the United States?

The European Union imports bananas from Latin America as well as imports from Europe's former colonies in the African,Caribbean and Pacific (ACP) group. In 2006 the tariff on bananas from Latin America was higher than on ACP bananas. Which of the following statements is NOT true?

The current U.S.average tariff rate

Two arguments used to promote trade barriers are the infant-industry argument,and the dumping argument.Explain each of these arguments and evaluate whether each one has any flaws.

During the first 6 months of 2008,the United States imported from Africa,Asia,and Latin America more than 1.6 billion pounds of coffee and did not export any coffee. Based on this,we know definitively that:

When NAFTA was approved,Congress attempted to soften the losses suffered by some industries by

A tariff will benefit

Suppose the world price of a good is $4.Based on the table below,the country will Price QDemanded QSupplied 2 100 70 4 95 75 6 90 80 8 85 85 10 80 90 12 75 95

What Is Economics

The Economic Problem

Demand and Supply

Measuring GDP and Economic Growth

Monitoring Jobs and Inflation

Economic Growth

Finance, Saving, and Investment

Money, The Price Level, and Inflation

The Exchange Rate and the Balance of Payments

Aggregate Supply and Aggregate Demand

Expenditure Multipliers

Inflation, Jobs, and the Business Cycle

Fiscal Policy

Monetary Policy

Introduction

Monitoring Macroeconomic Performance

Macroeconomic Trends

Macroeconomic Fluctuations

Macroeconomic Policy

Filters

Exam 15: International Trade Policy

Consider a market that,with no international trade,is initially in equilibrium with quantity demanded equal to quantity supplied at a price of $20. If the world price of the good is $10 and the country opens up to international trade then in this market

Which of the following best describes the history of tariffs in the United States over the past 70 years?

If a government imposes a quota on imports of a popular doll,the price of the doll in the country will ________ and the quantity purchased in the country will ________.

A tariff

U.S.tariffs in the peaked in

In 2012 the U.S.government reduced the quantity of sugar that can be imported from other nations.This action ________ the price of sugar in the United States and ________ the quantity consumed in the United States.

When the principle of comparative advantage is used to guide trade,then a country will specialize by producing only

The Smoot-Hawley Act

Some people assert that protection from foreign competition prevents rich countries from exploiting developing countries.What is this argument in more detail and what is its flaw?

Usually the removal of trade barriers affecting a particular good benefits ________ people domestically,each of whom gains a ________.

The United States imposes a tariff on foreign limes.How does the tariff affect the U.S.price of a lime and the production of limes in the United States?

The European Union imports bananas from Latin America as well as imports from Europe's former colonies in the African,Caribbean and Pacific (ACP) group. In 2006 the tariff on bananas from Latin America was higher than on ACP bananas. Which of the following statements is NOT true?

The current U.S.average tariff rate

Two arguments used to promote trade barriers are the infant-industry argument,and the dumping argument.Explain each of these arguments and evaluate whether each one has any flaws.

During the first 6 months of 2008,the United States imported from Africa,Asia,and Latin America more than 1.6 billion pounds of coffee and did not export any coffee. Based on this,we know definitively that:

When NAFTA was approved,Congress attempted to soften the losses suffered by some industries by

A tariff will benefit

Suppose the world price of a good is $4.Based on the table below,the country will Price QDemanded QSupplied 2 100 70 4 95 75 6 90 80 8 85 85 10 80 90 12 75 95

What Is Economics

The Economic Problem

Demand and Supply

Measuring GDP and Economic Growth

Monitoring Jobs and Inflation

Economic Growth

Finance, Saving, and Investment

Money, The Price Level, and Inflation

The Exchange Rate and the Balance of Payments

Aggregate Supply and Aggregate Demand

Expenditure Multipliers

Inflation, Jobs, and the Business Cycle

Fiscal Policy

Monetary Policy

Introduction

Monitoring Macroeconomic Performance

Macroeconomic Trends

Macroeconomic Fluctuations

Macroeconomic Policy

Filters

If a government imposes a quota on imports of a popular doll,the price of the doll in the country will and the quantity purchased in the country will .

In 2012 the U.S.government reduced the quantity of sugar that can be imported from other nations.This action the price of sugar in the United States and the quantity consumed in the United States.

Usually the removal of trade barriers affecting a particular good benefits people domestically,each of whom gains a .