An import Tariff does: Increase domestic consumption Decrease domestic production Decrease domestic prices Increase government revenue

What are used to convince other governments to voluntarily limit their exports and are in effect export quotas

Identify a product that is exported from the United States.

Economists generally agree that trade restrictions are detrimental to trade and reduce government efficiency. Why then do governments restrict trade? Arguments for restricting trade include to promote national defense, to impose sanctions on other countries, to protect domestic infant industries, to create or preserve domestic jobs, to ensure fair competition, and to retaliate for unfair trade policies of other governments Match each action to the correct argument for trade intervention Limits on trade with certain countries import duties on products from a foreign country Subsidies for industries considered vital to national security Subsidies for emerging industries Counterpan on imports Argument for Intervention To provide for national defense To impose sanctions To protect infant industries To ensure fair competition To provide retaliation Action Counterban on imports Limits on trade with certain countries import duties on products from a foreign country Subsidies for emerging…

All of these restrict international trade EXCEPT quotas subsidies trade deficit embargoes

A small country imports T-shirts. With free trade at a world price of $10, domestic production is 10 million T-shirts and domestic consumption is 42 million T-shirts. The country's government now decides to impose a quota to limit T-shirt imports to 20 million per year. With the import quota in place, the domestic price rises to $12 per T- shirt and domestic production rises to 15 million T-shirts per year. The quota on T- shirts causes domestic consumers to A) gain $7 million. B) lose $7 million. C) lose $70 million. D) lose $77 million

Should higher safety standards be imposed on imported goods that exists in country where the goods were produced

Regulating a Free Trade market by imposing a Tariff results in (a)   benefit to domestic producers with no impact on domestic consumers.   benefit to domestic consumers with no impact on domestic producers.   benefits to both domestic producers and domestic consumers.   benefit to domestic producers at the expense of domestic consumers.   benefit to domestic consumers at the expense of domestic producers.

The major export-promotion agency in the U.S. is: the State Department the Commerce Department the U.S. Export Administration the International Court of Trade the U.S. Export Control Agency

Whatever can be done by a tariff can be done by a quota.