Exam 9: Global Markets in Action

-The table above has the domestic demand and domestic supply schedules for a good.If the world price of the good is $10 and international trade occurs, then according to the table

Of the following, ________ account(s)for the largest share of imports into the United States.

When a nation exports a good or service, employment in that industry

In the wake of worsening relations with China, some Americans called for an increase in tariffs on Chinese products coming into America.If higher tariffs are imposed on clothing produced in China, the price of clothing in America would

-The above figure shows the U.S.market for wheat.With no international trade, consumer surplus is equal to ________ and producer surplus is equal to ________.

A few years ago, as oil and gas prices continued to increase, a growing number of Americans called for the United States to become less reliant on Middle-Eastern oil.Would it make sense for the United States to try to become totally self-reliant in the production of oil? Why or why not?

When a good is imported, the domestic production of it ________ and the domestic consumption of it ________.

The figure above shows the U.S. market for T-shirts, where SUS is the domestic supply curve and DUS is the domestic demand curve. The United States trades freely with the rest of the world. The world price of a T-shirt is $5. -Based on the figure above, as a result of international trade, U.S.domestic production ________ million T-shirts per year.

A tariff is

When a nation exports a good or service, the nation's consumer surplus ________, its producer surplus ________, and its total surplus ________.

After a nation starts importing a good from overseas, the domestic price of the good

-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 imports of cherries to the United States from other nations equals

-According to the above table, the country will import the good if the world price is less than ________ and will export the good if the world price is more than ________.

While high-paid American workers fear competition with low-paid foreign workers, low-paid foreign workers fear competition with high-paid American workers.Why?

The agreement between the United States, Mexico, and Canada that sought to lower trade barriers is known as

Which of the following is NOT a major argument for restricting international trade?

Trade is often restricted because the

If a quota 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 ________.

-The above figure shows the U.S.market for 1 carat diamonds.Area B + area D is the

Which of the following is correct? I∙U.S.total surplus decreases when the United States exports a good. Ii∙U.S.total surplus decreases when the United States imports a good. Iii∙U.S.total surplus increases when the United States imports a good and when it exports a good.