Exam 9: Global Markets in Action

The United States imports t-shirts because

-The figure above shows the U.S.demand and U.S.supply curves for cherries.At a world price of $2 per pound once international trade occurs,the total exports of cherries from the United States to other nations equals

If a tariff is imposed on imports of shrimp into the United States,U.S.producer surplus from shrimp will ________ and U.S.total surplus from shrimp will ________.

A tariff is

International trade is definitely in the social interest if

When a nation imports a good,its consumer surplus ________,and its producer surplus ________.

During the 1980s,Harley-Davidson,the American motorcycle maker asked Congress for tariff protection from large motorcycles imported from Japan.Harley-Davidson argued that their company needed protection so the company could reorganize and,after some time had passed,could become more competitive.Harley-Davidson's argument is similar to the ________ argument for protection.

We find that the world price of sugar is 20 cents a pound,the U.S.does not trade internationally,and the U.S.equilibrium price of sugar is 30 cents a pound.If the U.S.begins to trade internationally,the price of sugar in the U.S.________ to the world price and U.S.consumers buy ________ sugar.

International trade decreases the demand for workers in domestic industries that

If a tariff is imposed on imports of shrimp into the United States,U.S.consumer surplus from shrimp will ________ and U.S.producer surplus from shrimp will ________.

As a result of U.S.tariffs on fishnets produced in other nations,the quantity of fishnets purchased in the United States has

Imports ________ consumer surplus,________ producer surplus,and ________ total surplus.

If the United States imposes a tariff on a good,then

-The above figure shows the U.S.market for chocolate.With international trade,consumer surplus is equal to

Goods and services that the United States buys from other nations are called

-The above figure shows the U.S.market for 1 carat diamonds.Area A is the

Which of the following chain of events occurs when a tariff is imposed on a good?

One of the major reasons why the United States exports jet airplanes is because Boeing faces ________ opportunity cost compared with firms in other nations in the production of such aircraft.

Why do governments in less-developed nations impose tariffs?

Most t-shirts bought by Americans are made in Asia.As a result of free trade,the production of t-shirts in America