The trade war between the United States and China is an example of an anti-coordination game. a Prisoner's Dilemma. O a second mover’s advantage. a first mover’s advantage.
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- Domestic producers of microprocessors send a lobbyist to the U.S. government to request that the government impose trade restrictions on imports of microprocessors. The lobbyist claims that the U.S. microprocessor industry is new and cannot currently compete with foreign firms. However, if trade restrictions were temporarily imposed on microprocessors, the domestic microprocessor industry could mature and adjust and would eventually be able to compete in the world market. Which of the following justifications is the lobbyist using to support their argument in favor of the trade restriction on microprocessors? National-security argument Infant-industry argument Unfair-competition argument Jobs argument Using-protection-as-a-bargaining-chip argumentGlacier has a comparative advantage in the production of a comparative advantage in the production of Congaree specialize in the production of the goods in which each After specialization, the two countries can produce a total of and million pounds of basil. Suppose that Glacier and Congaree agree to trade. Each country focuses its resources on producing only the good in which it has a comparative advantage. The countries decide to exchange 16 million pounds of corn for 16 million pounds of basil. This ratio of goods is known as the price of trade between Glacier and Congaree. The following graph shows the same PPF for Glacier as before, as well as its initial consumption at point A. Place a black point (plus symbol) on the graph to indicate Glacier's consumption after trade. Note: Dashed drop lines will automatically extend to both axes. BASIL (Millions of pounds) 64 56 BASIL (Millions of pounds) 48 40 32 24 16 8 0 64 56 40 0 48 PPF 24 8 PPF 0 8 0 16 The following graph shows the same…Romania and Georgia both produce shmoos, and are the only producers of shimoos. The market demand and supply in this case are for the Romanian market. The Romanians decide to drop the current tariff on shmoos, which increases the total quantity consumed from 150,000 to 200,000. The tariff change causes the Georgian producers to increase their production from 50,000 to 150,000 If the tariff was a per unit tariff of $10, how much will the Romanian government lose by dropping the tariff Answers: $50,000 $100,000 $150,000 $200,000 None of the above OneDrive Screenshot saved The screenshot was added to your OneDrive.
- Suppose that the United States increases its tariff on steel imports. Steel prices to U.S. consumers would be expected to: (A) Increase, and the foreign demand for U.S. exports would increase (B) Decrease, and the foreign demand for U.S. exports would increase (C) Increase, and the foreign demand for U.S. exports would decrease (D) Decrease, and the foreign demand for U.S. exports would decrease.Glacier has a comparative advantage in the production of peas , while Denali has a comparative advantage in the production of . Suppose that Glacier and Denali specialize in the production of the goods in which each has a comparative advantage. After specialization, the two countries can produce a total of million pounds of peas and million pounds of lentils. Suppose that Glacier and Denali agree to trade. Each country focuses its resources on producing only the good in which it has a comparative advantage. The countries decide to exchange 6 million pounds of peas for 6 million pounds of lentils. This ratio of goods is known as the price of trade between Glacier and Denali. True or False: Without engaging in international trade, Glacier and Denali would not have been able to consume at the after-trade consumption bundles.Draw a domestic supply and demand diagram for a product in which the United States does not have a comparative advantage. What impact do foreign imports have on domestic price and quantity? On your diagram show a protective tariff that eliminates approximately one-half of the assumed imports. What are the price-quantity effects of this tariff on ( a) domestic consumers, (b) domestic producers, and (c) foreign exporters? How would the effects of a quota that creates the same amount of imports differ?
- Which situation describes when mutually beneficial trade occurs? Question options: Country A has a comparative advantage in producing strawberries. Country B has a comparative advantage in producing kiwis. Country A increases production of strawberries, and Country B decreases production of kiwis. When Country A trades with Country B to obtain kiwis, and when Country B trades with Country A to obtain strawberries, both countries can benefit. Country A has a comparative advantage in producing strawberries. Country B has a comparative advantage in producing kiwis. Neither country wants any of the produce they have a comparative advantage in, so both nations can benefit from trade. Country A has a comparative advantage in producing strawberries. Country B has a comparative advantage in producing kiwis. Country A increases production of strawberries, and Country B increases production of kiwis. When Country A trades with Country B to obtain…Economics A trade expert compares the modern tariffs to the Depression-era Smoot-Hawley tariffs. He says “The economic impact is going to take years to play out." What was the effect of the Smoot- Hawley tariffs on U.S. trade? a) Both imports and exports rose by nearly about the same amount, the trade balance remained about the same, and the total volume of trade increased. b) Both imports and exports fell by nearly about the same amount, the trade balance remained about the same, and the total volume of trade decreased. c) Imports decreased, and the trade balance increased. The total volume of trade was nearly unchanged. d) Imports decreased, and the trade balance was nearly unchanged. The total volume of trade decreased.Suppose France charges 2 Euros tariff on imports of a particular product. It can domestically produce this product at 8 Euros. There are only 2 other countries that produce this product: Turkey at 7 Euros, and Brazil at 5 Euros. Without any regional integration agreement, France would consume (French/Brazilian/Turkish) products. When it enters into a customs union agreement with Turkey, it would consume (French/Brazilian/Turkish) products. This is (beneficial/harmful) to the economies involved.
- The two countries decide to trade with each other, which allows them to be able to specialize in the good in which they have a comparative advantage. , Derryland should specialize in the production of Group of answer choices cheese and Whetonia should specialize in the production of bread. bread and Whetonia should specialize in the production of cheese. both goods and Whetonia should specialize in the production of neither good. neither good and Whetonia should specialize in the production of both goods.The country of Moreland is currently operating under autarky. It produces two goods, textiles and automobiles, using capital and labor. At current factor prices, textile production uses equal amounts of labor and capital, while automobile production uses one unit of labor for every two units of capital. Moreland is considering opening to trade with five different countries. Note that Moreland's capital or labor abundance, and thus its comparative advantage, may vary relative to the different countries) If Moreland opens to trade with Country A, the relative price of textiles will increase in Country а. A. In which good does Moreland have a comparative advantage? Explain. b. If Moreland opens to trade with Country B, the relative demand for labor falls in Moreland. Is Moreland land or labor abundant relative to Country B? Explain. If Moreland opens to trade with Country C, rental-wage ratio falls in Country C. In which product does Moreland have a lower relative price under autarky,…Tricky question. Consider the diagram below, depicting the United States Market for Airplanes (hundreds of jets on the horizontal axis, and millions of dollars on the vertical axis). Suppose around the world, a 2 (million dollar) tariff is placed on United States Airplanes. What will exports of planes now be (round to one significant digit). Tricky question. Consider the diagram below, depicting the United States Market for Airplanes (hundreds of jets on the horizontal axis, and millions of dollars on the vertical axis). Suppose around the world, a 2 (million dollar) tariff is placed on United States Airplanes. Given exports, about how much will United States producers of airplanes wind up paying in tariffs?