Exam 32: Comparative Advantage and the Open Economy

Dumping is defined as

One way tariffs differ from quotas is that

A tariff is a

Which of the following are regulations that nations in regional trade blocs establish to delineate product categories eligible for trading preferences?

-According to the above table,if these two countries trade,

Selling a good abroad below the price charged in the home market,or at a price below the cost of production is called

-Refer to the above figures.A tariff is placed on a foreign good.Which figure represents the situation in the domestic market for the foreign good?

The maximum amount of a good that may be imported during a specified period of time is

It has been suggested that in order to protect U.S.jobs we need to restrict foreign competition by restricting imports.

-According to the above table,which assumes that opportunity costs of producing goods X and Y are constant,the opportunity cost of producing one unit of Good X is ________ units of Good Y for Chen and ________ units of Good Y for Holly.

U.S.automakers have an interest to make it more difficult for European competitors to locate assembly plants in Canada or Mexico and thereby ship finished automobiles to the United States duty-free.This is an example of

-According to the above table,if these two countries trade,

Consider the opportunity costs of producing goods X and Y that are listed for the four individuals above.Which person has a comparative advantage in producing good Y?

All of the following are arguments against free trade EXCEPT

Restricting imports usually leads to

The European Union started out as a

Which of the reasons given for tariff protection make consumers better off by generating lower prices?

Dumping typically occurs because

Since World War II,world trade has

A government-imposed restriction on the quantity of a good that can be imported is