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

A tariff lowers the price of the imported good below the world price. lowers the price of the exported good below the world price. raises the price of the imported good above the world price. keeps the price of the exported good the same as the world price.

In South Korea's state-led industrialization, export subsidies allowed South Korean products (from Samsung, Hyundai) to be sold all over the world. Compare and contrast export subsidies to import tariffs. Which factor might lead a country to decide on one or the other?

If Indonesia (which is a small country) imposes an import tariff on textile imports, we can conclude that:(a) The world price of textile rises, and Indonesia imports less.(b) The world price of textile stays constant, and Indonesia imports less.(c) The world price of textile falls, and Indonesia imports less.(d) The world price of textile stays constant, and Indonesia imports the same as before.  Explain why.

Why did the U.S. government in 1982 provide import quotas as an aid to domestic sugar producers?

What are the benefits and costs of import tariffs?

The imposition of a tariff on foreign goods is more likely to decrease producer surplus of the domestic firms competing with those foreign firms on whom the tariff is imposed. True or False

Quotas may be set on worldwide imports or on imports from a specific country.True or False

When a country opens its markets to international trade, if the world price is ________(lower/higher) than the domestic equilibrium price, quantity supplied from foreign producers will rise.