Exam 32: Comparative Advantage and the Open Economy

The argument that many critics of free trade have suggested that genetic engineering of plants and animals could lead to accidental production of new diseases is the

Maximum Feasible Hourly Production Rates for Either Food or Cloth Using All Available Resources -Using the data in the above table,and assuming constant opportunity costs,it is likely that

The effects of a tariff are

The law that created the high level of tariffs in United States in the 1930s is

Mercosur is a trade agreement between nations

Specialization and international trade lead to

Import restrictions

Maximum Feasible Hourly Production Rates for Either Food or Cloth Using All Available Resources -Using the data in the above table and assuming constant opportunity costs,it is correct to state that

Goods that are produced domestically and then sold in other countries are called

If protective import-restricting tariff are imposed by a country,in the majority of cases that nation's consumers end up

The North American Free Trade Agreement and the European Union are examples of

The trend in current tariff laws is to

A country will specialize in the good for which

The effect of an import quota is

In comparing tariffs and quotas,we know that

One problem with the infant industry argument is that

Since 1950,the balance of trade for United States has

Country A can product 100 units of Good X in a day and 40 units of Good Y while Country B can produce 50 units of Good X and 40 units of Good Y.

Restrictions on imports

When a tariff is imposed,the demand curve for the domestic good