Exam 31: Macro Only: International Trade Policy

Use the information below to answer the following questions. Fact 31.3.2 With free trade between Australia and Canada, Australia would export beef to Canada. But Canada imposes an import quota on Australian beef. -Refer to Fact 31.3.2. If Canada imposes an import quota on Australian beef, the price that Canadian consumers pay for beef will ________ and the quantity of beef produced in Canada will ________.

Canada imports cars from Japan. If Canada imposes a tariff on cars imported from Japan, Canadian

A tariff on watches which are imported by Atlantis ________ the price of watches in Atlantis and ________.

Reducing a tariff ________ the domestic production of the good and ________ the total domestic consumption of the good.

Who benefits from imports?

In one year, Brazil exported more than 1.8 billion kilograms of coffee to the rest of the world. We can conclude that

Choose the statement that is incorrect.

Refer to the figure below to answer the following questions. The figure shows the market for shirts in Canada, where D is the domestic demand curve and S is the domestic supply curve. The world price is $20 per shirt. Canada imposes a tariff on imported shirts of $4 per shirt. Figure 31.3.1 -Refer to Figure 31.3.1. The tariff ________ Canada's imports of shirts by ________ million shirts per year.

Rent seeking is one reason why countries choose to

Refer to the figure below to answer the following questions. The figure shows the market for shirts in Canada, where D is the domestic demand curve and S is the domestic supply curve. The world price is $20 per shirt. Figure 31.1.1 -In Figure 31.1.1, with international trade Canada ________ million shirts per year.

Of the groups listed below, which is most likely to lobby for protection?

An import quota is a

Offshoring occurs when a firm in Canada

A tax that is imposed by the importing country when an imported good crosses its international boundary is called

The infant-industry argument is based on the idea of

Who benefits from imports?

An import quota is

When a firms "dumps" some of its output in another country, it

Compared to the situation before international trade, after Canada exports a good, production in Canada ________ and consumption in Canada ________.

In poorer countries, free trade ________ the demand for labour in these countries and ________ the wages paid in these countries.