High-income industrial nations such as the United States and Japan tend to have their highest tariffs in a. agriculture, clothing, and textiles b. newer, high-technology manufacturing industries. c. capital-intensive, diversified manufacturing. d. automobiles.
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- Countries need to trade because--------. Select one: a. world resources are unevenly distributed among countries b. world resources are evenly distributed among countries c. all products are made from the same combinations of resources d. all products are produced from the same technologyThe two primary reasons to adopt measures to restrict trade are that a. they help keep real wages high in the importing country, and they also permit small businesses to compete in international markets. b. they may help the importing country improve its educational system, and they keep high-technology products from being stolen by foreign competitors. c. they may help the importing country get better prices for its goods, and they protect certain industries from foreign competition. d. they may help advance the political goals of the nation, and they encourage productivity in domestic industries.Why are international negotiations important in order to reduce tariff rates worldwide? A. Special-interest groups cannot affect international negotiations. B. Large countries can impose policy restrictions on smaller countries. C. They help avoid trade wars. D. The world as a whole gains from free trade.
- What would someone who supports protectionism likely say? A. The United States should end tariffs so consumers see more competitive prices on imported goods and services. B. The United States should end quotas so consumers can have greater access to more imported goods and services. C. The United States should increase subsidies to domestic producers so they can produce more at more competitive prices. D. The United States should pursue free trade agreements with all of the major trading partners to maintain peaceful relationships.assist and explain Which of the following statements best exemplifies the concept of relative advantage in international trade?A. USA can produce both wheat and textiles more efficiently than any other country.B. USA can produce wheat more efficiently than China, while China can produce textiles moreefficiently than USA.C. USA can produce more wheat than China, but China can produce more textiles than USA.D. USA and China have the same level of efficiency in producing wheat and textiles.Your roommate Hansen argues that American producers cannot compete with foreign producers because wages are lower in foreign countries than in the United States. Hansen Select one: a. is correct in arguing that the high wages of U.S. workers make it impossible to compete with workers in low- wage countries. b. is incorrect. Free trade raises living standards by increasing economic efficiency. c. is right in asserting the need to protect high wages if the United States wishes to maintain its high standard of living. d. is advancing the anti-dumping argument for protectionism.
- What are the positive effects of international trade? Select one: a.stimulates and facilitates the full use of national capital; b.ensure the full use of the resources available in each country, contributing to market growth; c.it is a tool sometimes used to transfer new ideas and technologies; d.does not contribute to the fight against monopolistic tendencies;We see quite a bit of international trade in the real world. And trade is driven by specialization. So why don’t we see full specialization—for instance, all cars in the world being made in South Korea, or all the mobile phones in the world being made in China? Choose the best answer from among the following choices. a. High tariffs. b. Extensive import quotas c. Increasing opportunity costs. d. Increasing returns.a.Evaluate the reasons we see the prevalence of intra-industry trade between similar economies. b. Explain how tariffs can serve as a barrier to trade, and identify at least two benefits of reducing barriers to international trade. c. Define protectionism, and explain nontarriff barriers to trade. Who are the major beneficiaries and losers from protectionism in an economy engaging in protectionism.
- Which of the following follows when a nation opens up for trade and starts exporting a good? A. The price that domestic manufacturers of the good are paid declines. B. Domestic consumers of the good benefit more than domestic producers of the good, who suffer losses. C. Domestic producers of the good profit more than domestic consumers of the good lose. D. The cost of the commodity for domestic consumers lowers.What is the concept of comparative advantage in international trade? A. A country's ability to produce all goods more efficiently than other countries B. A country's ability to produce a good at a lower opportunity cost than other countries C. A country's ability to produce goods using the most advanced technology D. A country's ability to produce goods at the lowest absolute costWhich of the following are benefits of international trade? Choose one or more answers from the choices shown. a. A more efficient allocation of resources. b. A higher level of material well-being. c. Gains from specialization. d. Promoting competition. e. Deterring monopoly. f. Reducing the threat of war.