If the president of the United States wishes to implement protectionist policies, which one of the following can be employed? Group of answer choices A) Lower export subsidies. B) Place high tariffs on imported goods. C) Agree to "most favored nation" clauses. D) Remove quotas on imported goods. E) Reduce required labelling regulations on imported goods.

A common market takes place when (in the presence of tariffs on imports)  Select one: any 2 countries liberalize the movement of their labor (and capital) any 2 countries align their monetary policies any 2 countries have free trade between them none of the above

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

As you may have heard, Russia decided to invade its neighbor, which has led to international condemnation (albeit not on all fronts). The EU, a former major importer of gas from Russai, went ahead with sanctions. Imagine, if you will, that the respective heads of state get together and try to negotiate a trade agreement to end sanctions. They each have three possible choices: (a) Maintain tariffs against the other nation (T); (b) Seek mediation from the WTO, which would implement an international trade agreement at a small cost (M); (c) Unilaterally remove tariffs (F). The payoff matrix is as given below. Is there a dominant strategy for either player? Find all the (pure strategy) Nash equilibria in the game. How would this change if, instead, the mediation is costless and yields a payoff of 50 to each nation (assuming mutually successful mediation) and a payoff of 0 (if the other nation chooses otherwise)? **

For many years, an international agreement called the Multifiber Agreement limited the amount of textiles that the developed economies of North America and Europe could buy from poor countries in Latin America and Asia. Textiles can be produced by relatively unskilled labor with a reasonably small amount of capital. Who benefited from the protectionism of the Multifiber Agreement? Who suffered? The Multifiber Agreement expired on January 1, 2005. Who should benefit from its end? Who will suffer?  

NAFTA is a trade agreement that was negotiated by the leaders of three countries. Which of the following countries was not part of this agreement?         the United States         Cuba         Mexico         Canada

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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

Match each argument for protectionism with the best counter-argument. Protectionism helps new industries develop. Protectionism prevents firms from strategically dumping goods to monopolize the market. Trade creates more jobs than it destroys, i.e., free trade leads to net job creation. Protectionism saves jobs. Answer Bank Many companies have succeeded without protectionist policies. Trade leads to higher wages and opens up more opportunities for individuals in less developed nations. It is often difficult to distinguish between predatory pricing and legal pricing strategies. Protectionism prevents the exploitation of foreign workers who are underpaid.

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