If the US Government increased Tariffs on goods imported in the US from China, what would most likely happen China would not respond, making US Net Export Spending rise and China's Net Export Spending drop:
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- Figure: World Imports Domeste dend The imposition of a $20 tariff would generate a valur of lost gains from trade of O S45. O S0. O S70 091S OAn export subsidy always makes a country worse off on net. O True O FalseA "static" gain resulting from the formation of the European Union or the U.S.-Mexico-Canada Trade Agreement would be O expanded size of the market due to trade, resulting in economies of large-scale production and decreasing unit cost. outward shifts in a country's production possibilities frontier made possible by the discovery of new technologies. O facing lower priced, zero-tariff imports from members, consumers increase their demand for these goods, and new trade will be created O increased saving and investment resulting in capital accumulation and economic growth.
- Suppose that Congress imposes a tariff on importedautomobiles to protect the U.S. auto industry fromforeign competition. Assuming that the United Statesis a price taker in the world auto market, show thefollowing on a diagram: the change in the quantityof imports, the loss to U.S. consumers, the gainto U.S. manufacturers, government revenue, andthe deadweight loss associated with the tariff. Theloss to consumers can be decomposed into threepieces: a gain to domestic producers, revenue forthe government, and a deadweight loss. Use yourdiagram to identify these three pieces.Consider the effects of an import tariff in a small country using the graph below for this question. Domestic Supply Py + t Pw Domestic Demand 50 75 100 125 150 Which area on the graph corresponds to wasted resources due to the tariff? O a. W O b. X O c. Y O d. Z Consider the effects of an import tariff in a small country using the graph below. P. Domestic Supply Py +t Pw Domestic Demand 40 45 75 95 105 Q What are imports with the tariff? O 30 units O 45 units O 50 units O 65 unitsCanada exports canola oil to Japan. Therefore, Japan must have the comparative advantage in the production of canola oil, and its autarkic price is higher than the free trade price. O Japan must have the comparative advantage in the production of canola oil, and its autarkic price is lower than the free trade price. Canada must have the comparative advantage in the production of canola oil, and its autarkic price is higher than the free trade price. Canada must have the comparative advantage in the production of canola oil, and its autarkic price is lower than the free trade price.
- 7. Country A has a tariff on imported TVs. But,the new government of Country A decided tocharge only half the tariffs against TVs fromcountry B, but keep the full tariff against TVsfrom countries C, D, and E. What would be theimpact on______O.A. The price of TVs in CountryAO.B.Quantity of domestic supply in Country AO.C. Quantity of imports in Country AO.D. Quantity of TVS exported by Country BO.E. Quantity of TVs exported by Countries C, D,and EWhat happens to the volume of trade and the terms of trade when a large nation imposes a tariff? O a. The volume of trade increases, and the terms of trade improve. b. The volume of trade decreases, and the terms of trade improve. increases, and the terms of trade deteriorate. The volume of trade O d. The volume of trade decreases, and the terms of trade deteriorate.2.1 Suppose that the world price of oil is $60 per barrel and that the United States can buy all the oil it wants at this price. Suppose also that the demand and supply schedules for oil in the United States are as follows: Price ($ Per Barrel) 55 60 65 70 75 U.S. Quantity Demanded 26 24 22 20 18 U.S. Quantity Supplied 14 16 18 20 22 a. On graph paper, draw the supply and demand curves for the United States. b. With free trade in oil, what price will Americans pay for their oil? What quantity will Americans buy? How much of this will be supplied by American producers? How
- The two main reasons why international trade is restricted are that tariffs O A. save jobs and allow domestic producers to compete with foreign firms that use cheap labor penalize lax environmental standards and protect defense industries O B. O C. create tariff revenue and rent seeking is popular O D. protect infant industries from competition and protect national security The countries that benefit most from tariff revenue are O A. countries involved in trade organizations but are separated by large distances OB. developed countries OC. developing countries O D. countries involved in trade agreements such as NAFTA and the European Union The United States still implements some trade restrictions because the people who would lose from free trade would lose big and the people who gain, would gain a small amount. O A. True O B. FalseIf all countries follow a policy of free trade, economists predict that O a. each country will export goods at which it has a comparative advantage at producing and import goods at which it has a comparative disadvantage at producing Ob each country will export goods at which it has a comparative disadvantage at producing and import goods at which it has a comparative advantage at producing Oc there will be no trade between countries - that is, no international trade taking place Od rich countries will be made poorer by trade with poor countries O e. poor countries will be made even poorer by trade with rich countriesWhat would happen to U.S. economic welfare if the U.S. eliminated tariffs on solar panel imports? A. U.S. economic welfare would increase because of the social gains from increased U.S. consumption of solar panels B. U.S. economic welfare would decrease because the social gains from increased U.S. production of solar panels would be less than the social costs associated with increased U.S. consumption of solar panels C. U.S. economic welfare would decrease because the social gains from increased U.S. consumption of solar panels would be less than the social costs inflicted on U.S. solar panel producers D. U.S. economic welfare would increase because the social gains from increased U.S. production of solar panels would exceed the social costs associated with increased U.S. consumption of solar panels
