Lesson 12 Question 3 a country opens from autarky to free trade and begins to export pineapples...(Choose all correct statements.)Select one or more:a. Gains from trade for pineapples goods falls.b. Producer surplus for pineapples goods falls.C.Consumer surplus for pineapples goods rises.d. Gains from trade for pineapples goods rises.e. Producer surplus for pineapples goods rises.f. Consumer surplus for pineapples goods falls.

When a country transitions from autarky to free trade and begins to export pineapples, several…

Answered: a country opens from autarky to free…

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 7PA

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ALL QUESTIONS APPLY TO GRAPH 28. Suppose IP is the international trade price and this country's government imposes a $3 tariff on imports of this good, what will be the net loss to this economy? 29. Suppose IP is the international trade price and this country's government imposes a $3 tariff on imports of this good, how much revenue will the government collect? 30. Suppose IP is the international trade price and this country's government imposes a 6 unit quota on imports of this good, what will be the net loss to this economY?
Explain how a subsidy on agricultural goods like sugar adversely affects the income of foreign producers of imported sugar.
8) Suppose the United States imposes a tariff or quota on sugar imports. For each of the following, enter the letter G ifit will gain from the tariff or quota or enter the letter L if it will lose from the tariff or quota.Domestic sugar producers and their workers _______Consumers _______Industries that use sugar and their workers _______9) _______________ are goods and services produced domestically but sold to other countries. _______________ are goods and services bought domestically but produced in other countries._______________ are taxes imposed by a government on imports of a good into a country. a,Tarrifs b, exports c,quotas D,Imports 10) Which of the following are non-tariff barriers to trade?National security grounds.Health and safety requirements.Embargoes.All of the above.
(Absolute and Comparative Advantage) You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom:Wheat Cloth Labor Hours Required to Produce One Unit The United Kingdom /The United States Wheat 2 1 Cloth 6 5 a. What is the opportunity cost of producing a unit of wheat in the United Kingdom? In the United States?b. Which country has an absolute advantage in producing wheat? In producing cloth?c. Which country has a comparative advantage in producing wheat? In producing cloth?d. Which country should specialize in producing wheat? In producing cloth?
given the following table for obtaining points on country A's offer curve: possible term of trade Qty of imports of good Y demand qty of exports of good X supplied 1X:1Y 40 units 40 units 1X:2Y 90 units r 1X:3Y 120 units s in this table, a. r = 45 units, s = 40 units b. r = 180 units, s = 40 units c. r = 45 units, s = 360 units d. r = 180 units, s = 360 units
ALL QUESTIONS APPLY TO GRAPH 23. What quantity will Country B supply from the rest of the world at P=$12? 24. The international equilibrium price is $______. 25. What will be the quantity traded?
e) Suppose a tariff allowed an industry to create 200,000 jobs paying an average of $22,500 per year. Before the tariff consumers bought 3 billion units (60% imported) at a price of $30. After the tariff they bought 2.75 billion units (none imported) at a price of $36. How much did total consumer spending on the good increase and how much per new job?
The purpose of this assignment is to become familiar with the terms import and export, and then discuss advantages or disadvantages of buying imports versus buying domestic products. You could, for instance, write about an imported automobile, stereo, or household appliance that you bought or considered buying. Include all of the following points in your discussion: 1. If you were a retailer, would you want to sell domestically made goods or imported items? Please explain why you made this choice. 2. If you wanted to sell a good or service to customers in other countries, what sorts of items do you think you could export? 3. In your opinion, should the United States' Federal Government support companies that want to enter export markets? Please explain.
a) What is a tariff ? Does a tariff have a result from an import quota? b) Suppose a tariff allowed an industry to create 200,000 jobs paying an average of $22,500 per year. Before the tariff consumers bought 3 billion units (60% imported) at a price of $30. After the tariff they bought 2.75 billion units (none imported) at a price of $36. How much did total consumer spending on the good increase and how much per new job? c) True or False and explain: Free trade allows countries to specialize in producing those goods in which they have the comparative advantage, which in turn, results in increased world production and income.
The year is 2005. For many years the US has restricted textile imports from China using quotas. Now under WTO the US is having to eliminate the quotas and allow china to export textiles to the US free of quotas. Use the principles of demand and supply to analyze the effect of this action on: the US textile industry, the US textile consumers, the textile industry of Vietnam (another textile producing country) that has been exporting textile to the US without quotas. Remember to tell us: who gains, and who loses in each case.
4 A worker in Mexico takes 600 hours to produce a truck and 3 hours to produce a case of beer. A worker in Brazil takes 400 hours to produce a truck and 2 hours to produce a case of beer. a. Which country has comparative advantage in the production of beer? Explain. b. Will these countries trade trucks and beer? Why or why not?
The table below represents the quantity of rice demanded for selected countries. Quantity of Rice Demanded (millions of metric tons) Price (U.S. dollars per metric ton) Japan Taiwan South Korea Market Total $600 13 7 8 500 14 8.5 10.5 400 15 10 13 300 16 11.5 15.5 200 17 13 18 What is the quantity of rice demanded in the market (in metric tons) if the market price is $300 per metric ton? million metric tons Round your answers to 1 decimal place.

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