Exam 20: International Trade

Which of the following arguments contends that certain industries need to be protected in the interest of national security?

(Last Word) Frederic Bastiat's satirical argument against protectionism called for protecting domestic producers from

The primary gain from international trade is

In effect, tariffs on imports are

$\quad\quad { Country ~X }$ Price \ 5.00 200 400 4.00 250 350 3.00 300 300 2.00 350 250 1.00 400 200 The accompanying table gives data for Country $X$ . Column 1 of the table is the price of a product. Column 2 is the quantity demanded domestically $\left( Q _ { d d } \right)$ , and Column 3 is the quantity supplied domestically $\left( Q _ { s d } \right)$ . If Country $X$ opens itself up to international trade, at what world price will it begin importing some units of the product?

Starting in 2012, an important shift occurred in the U.S. trade in petroleum, which was

Which of the following is an example of a labor-intensive commodity?

In a two-nation world, comparative advantage in the production of a particular product means that one nation can produce

A maximum limit set on the amount of a specific good that may be imported into a country over a given period of time is called a

Assuming labor forces of equal size, the production possibilities curves suggest that workers in West Mudville will have

Assume that by devoting all of its resources to the production of X, nation Alpha can produce 40 units of X. By devoting all of its resources to Y, Alpha can produce 60Y. Comparable figures for Nation Beta are 60X and 40Y. We can conclude that

The accompanying table gives domestic supply and demand schedules for a product. Suppose that the world price of the product is $1. Quantity Supplied (Domestic) Price Quantity Demanded (Domestic) 12 \ 5 2 10 4 4 7 3 7 4 2 11 1 1 16 With free trade, that is, assuming no tariff, the outputs produced by domestic and foreign producers Would be

${ \text { Domestic Market For Steel, Alpha } }$ P 60 \ 5 10 40 4 20 30 3 30 20 2 40 10 1 50 Domestic Market For Steel, Beta P 80 \ 5 20 70 4 30 60 3 40 50 2 50 40 1 60 The accompanying tables show data for the hypothetical nations of Alpha and Beta. $Q _ { S }$ is domestic Quantity supplied, and $Q _ { d }$ is domestic quantity demanded. At a world price of $2,

The accompanying tables give production possibilities data for Gamma and Sigma. All data are in tons. Gamma's production possibilities A B C D E Tea 120 90 60 30 0 Pots 0 30 60 90 120 Sigma's production possibilities A B C D E Tea 40 30 20 10 0 Pots 0 30 60 90 120 On the basis of this information,

Domestic Market For Steel, Alpha P 60 \ 5 10 40 4 20 30 3 30 20 2 40 10 1 50 Domestic Market For Steel, Beta P 80 \ 5 20 70 4 30 60 3 40 50 2 50 40 1 60 The accompanying tables show data for the hypothetical nations of Alpha and Beta. $Q_{S}$ is domestic quantity supplied, and $Q_{d}$ is domestic quantity demanded. Assuming that Alpha and Beta are the only two nations in the world, the equilibrium world price must be lower than $\$ 4$ because, at $\$ 4$ ,

Tariffs and quotas are costly to consumers because

The imposition of a tariff on a product is least likely to result in a(n)

The term trade deficit refers to a situation where

"NAFTA" stands for

A high tariff on imported good X might reduce domestic employment in industry Y if