Exam 17: International Trade: Does It Jeopardize American Jobs

If, with a single unit of labor, a country can produce more of both clothing and computers than another country, economics suggests that there is no opportunity for mutually beneficial trade between the countries.

In 2015, which of the following were prominent exports of the U.S.?

If the opportunity cost of producing a ton of coffee in the U.S. is sixteen tons of rice, while the opportunity cost of producing a ton of coffee in Costa Rica is four tons of rice, the U.S. and Costa Rica could both benefit from specialization and trade if the terms of trade (measured in tons of rice delivered per ton of coffee received)were any number between

If it takes one country three units of labor to produce a computer and two units of labor to produce a TV but it takes the other country four units of labor to produce a computer and five to produce a TV, then the first country has

If the opportunity cost of producing a ton of coffee in the U.S. is twenty tons of rice, while the opportunity cost of producing coffee in Costa Rica is two tons of rice,

Trade sanctions have generally been an effective diplomatic weapon in changing the behavior of rogue countries.

If with one unit of labor the U.S. can produce 20 units of computer software and 10 units of computer hardware and China can produce 5 units of software and 5 units of hardware then

A quota will typically

In 2015, the U.S. experienced a deficit in its balance of trade with

-In Table 17.3 the Brazil has

A quota will typically

Tariffs imposed upon U.S. rice imported into Japan tend to

One of the reasons economists approve of limiting trade would be

If the opportunity cost of producing a ton of coffee in the U.S. is twenty tons of rice, while the opportunity cost of producing a ton coffee in Costa Rica is four tons of rice and the terms of trade is ten tons of rice delivered per ton of coffee received,

A country that is limiting imports of a good by allowing only a certain number to be imported is using

On a supply and demand diagram, a tariff works by

Of approximately 140 million jobs in the U.S., each year approximately

Trade as a percentage of GDP has

It is impossible to export or import services.

In 2015, the volume of U.S. imports from China were