A) harms consumers but helps exporting firms. B) helps consumers but harms exporting firms and their workers. C) helps consumers but hurts firms that are less efficient than their foreign competitors. D) helps consumers and firms that compete with their foreign competitors. A) harms consumers but helps exporting firms. B) helps consumers but harms exporting firms and their workers. C) helps consumers but hurts firms that are less efficient than their foreign competitors. D) helps consumers and firms that compete with their foreign competitors.

A) makes domestic consumers better off. B) makes both domestic producers and consumers better off. C) makes everyone worse off. D) makes domestic producers better off. A) makes domestic consumers better off. B) makes both domestic producers and consumers better off. C) makes everyone worse off. D) makes domestic producers better off.

A) a limit placed on the quantity of goods that can be imported into a country. B) a tax imposed by a government on goods imported into a country. C) a subsidy granted to importers of a vital input. D) a health and safety restriction imposed on an imported product. A) a limit placed on the quantity of goods that can be imported into a country. B) a tax imposed by a government on goods imported into a country. C) a subsidy granted to importers of a vital input. D) a health and safety restriction imposed on an imported product.

Exam 9: Comparative Advantage and the Gains From International Trade

The ability of a firm or country to produce a good or service at a lower opportunity cost than other producers is called comparative advantage.

(True/False)

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Question 41

Which of the following statements is false?

(Multiple Choice)

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Question 42

Jim Owens,Caterpillar's CEO,was encouraged that the "Buy American" provision in the 2009 stimulus bill would generate a large increase in Caterpillar's sales.

(True/False)

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Question 43

A tax imposed by a government on imports of a good into a country is called a

(Multiple Choice)

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Question 44

A consequence of increasing marginal costs of producing laptop computers in the United States is

(Multiple Choice)

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Question 45

Figure 9-1 Figure 9-1 shows the U.S.demand and supply for leather footwear. -Refer to Figure 9-1.Under autarky,the equilibrium price is ,the consumer surplus is and the producer surplus is .

(Multiple Choice)

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Question 46

Figure 9-4 -Refer to Figure 9-4.Suppose the U.S.government imposes a $0.25 per pound tariff on rice imports.Figure 9-4 shows the demand and supply curves for rice and the impact of this tariff.Use the figure to answer questions a-i. a.Following the imposition of the tariff,what is the price that domestic consumers must now pay and what is the quantity purchased? b.Calculate the value of consumer surplus with the tariff in place. c.What is the quantity supplied by domestic rice growers with the tariff in place? d.Calculate the value of producer surplus received by U.S.rice growers with the tariff in place. e.What is the quantity of rice imported with the tariff in place? f.What is the amount of tariff revenue collected by the government? g.The tariff has reduced consumer surplus.Calculate the loss in consumer surplus due to the tariff. h.What portion of the consumer surplus loss is redistributed to domestic producers? To the government? i.Calculate the deadweight loss due to the tariff.

(Essay)

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Question 47

In 1995,the General Agreement on Tariffs and Trade (GATT),which was established in 1948,was replaced by the World Trade Organization (WTO).Why did members of the GATT push for the establishment of the WTO?

(Multiple Choice)

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Question 48

If Sweden exports cell phones to Denmark and Denmark exports butter to Sweden,which of the following would explain this pattern of trade?

(Multiple Choice)

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Question 49

The General Agreement on Tariffs and Trade (GATT)was formed to replace the World Trade Organization (WTO)because the WTO was empowered only to reduce barriers to trade in goods.The GATT is an agreement to reduce barriers to trade in goods,services and intellectual property.

(True/False)

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Question 50

Trade restrictions are often motivated by a desire to save domestic jobs threatened by competition from imports.Which of the following counter-arguments is made by economists who oppose trade restrictions?

(Multiple Choice)

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Question 51

International trade

(Multiple Choice)

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Question 52

A tariff

(Multiple Choice)

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Question 53

Domestically produced goods and services sold to other countries are referred to as

(Multiple Choice)

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Question 54

Trade restrictions tend to preserve in the protected industries and lead to in other industries.

(Multiple Choice)

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Question 55

A quota is

(Multiple Choice)

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Question 56

Table 9-1 Rob Crusoe and Bill Friday spent their week-long vacation on a desert island where they had to find and make their own food.Rob and Bill spent one day each fishing and picking berries.The following table lists the pounds of output Rob and Bill produced. -Refer to Table 9-1.Use the table above to select the statement that accurately interprets the data in the table.

(Multiple Choice)

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Question 57

Domestic producers require time to gain experience and lower their unit costs; this will allow these producers to compete successfully in international markets.This statement describes the ________ argument for protectionism.

(Multiple Choice)

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Question 58

In general,the costs tariffs and quotas impose on consumers are

(Multiple Choice)

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Question 59

All but one of the following statements is used to justify protectionism.Which statement is not used to justify protectionism?

(Multiple Choice)

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Question 60

Showing 41 - 60 of 123

The ability of a firm or country to produce a good or service at a lower opportunity cost than other producers is called comparative advantage.

Which of the following statements is false?

Jim Owens,Caterpillar's CEO,was encouraged that the "Buy American" provision in the 2009 stimulus bill would generate a large increase in Caterpillar's sales.

A tax imposed by a government on imports of a good into a country is called a

A consequence of increasing marginal costs of producing laptop computers in the United States is

Figure 9-1 Figure 9-1 shows the U.S.demand and supply for leather footwear. -Refer to Figure 9-1.Under autarky,the equilibrium price is ,the consumer surplus is and the producer surplus is .

In 1995,the General Agreement on Tariffs and Trade (GATT),which was established in 1948,was replaced by the World Trade Organization (WTO).Why did members of the GATT push for the establishment of the WTO?

If Sweden exports cell phones to Denmark and Denmark exports butter to Sweden,which of the following would explain this pattern of trade?

The General Agreement on Tariffs and Trade (GATT)was formed to replace the World Trade Organization (WTO)because the WTO was empowered only to reduce barriers to trade in goods.The GATT is an agreement to reduce barriers to trade in goods,services and intellectual property.

Trade restrictions are often motivated by a desire to save domestic jobs threatened by competition from imports.Which of the following counter-arguments is made by economists who oppose trade restrictions?

International trade

A tariff

Domestically produced goods and services sold to other countries are referred to as

Trade restrictions tend to preserve in the protected industries and lead to in other industries.

A quota is

Domestic producers require time to gain experience and lower their unit costs; this will allow these producers to compete successfully in international markets.This statement describes the ________ argument for protectionism.

In general,the costs tariffs and quotas impose on consumers are

All but one of the following statements is used to justify protectionism.Which statement is not used to justify protectionism?

Economics: Foundations and Models

Trade-Offs, comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency, government Price Setting, and Taxes

Externalities, environmental Policy, and Public Goods

Elasticity: the Responsiveness of Demand and Supply

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Consumer Choice and Behavioral Economics

Technology, production, and Costs

Firms in Perfectly Competitive Markets

Monopolistic Competition: the Competitive Model in a More Realistic Setting

Oligopoly: Firms in Less Competitive Markets

Monopoly and Antitrust Policy

Pricing Strategy

The Markets for Labor and Other Factors of Production

Public Choice, taxes, and the Distribution of Income

Filters

Exam 9: Comparative Advantage and the Gains From International Trade

The ability of a firm or country to produce a good or service at a lower opportunity cost than other producers is called comparative advantage.

Which of the following statements is false?

Jim Owens,Caterpillar's CEO,was encouraged that the "Buy American" provision in the 2009 stimulus bill would generate a large increase in Caterpillar's sales.

A tax imposed by a government on imports of a good into a country is called a

A consequence of increasing marginal costs of producing laptop computers in the United States is

Figure 9-1 Figure 9-1 shows the U.S.demand and supply for leather footwear. -Refer to Figure 9-1.Under autarky,the equilibrium price is ________,the consumer surplus is ________ and the producer surplus is ________.

In 1995,the General Agreement on Tariffs and Trade (GATT),which was established in 1948,was replaced by the World Trade Organization (WTO).Why did members of the GATT push for the establishment of the WTO?

If Sweden exports cell phones to Denmark and Denmark exports butter to Sweden,which of the following would explain this pattern of trade?

The General Agreement on Tariffs and Trade (GATT)was formed to replace the World Trade Organization (WTO)because the WTO was empowered only to reduce barriers to trade in goods.The GATT is an agreement to reduce barriers to trade in goods,services and intellectual property.

Trade restrictions are often motivated by a desire to save domestic jobs threatened by competition from imports.Which of the following counter-arguments is made by economists who oppose trade restrictions?

International trade

A tariff

Domestically produced goods and services sold to other countries are referred to as

Trade restrictions tend to preserve ________ in the protected industries and lead to ________ in other industries.

A quota is

Domestic producers require time to gain experience and lower their unit costs; this will allow these producers to compete successfully in international markets.This statement describes the ________ argument for protectionism.

In general,the costs tariffs and quotas impose on consumers are

All but one of the following statements is used to justify protectionism.Which statement is not used to justify protectionism?

Economics: Foundations and Models

Trade-Offs, comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency, government Price Setting, and Taxes

Externalities, environmental Policy, and Public Goods

Elasticity: the Responsiveness of Demand and Supply

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Consumer Choice and Behavioral Economics

Technology, production, and Costs

Firms in Perfectly Competitive Markets

Monopolistic Competition: the Competitive Model in a More Realistic Setting

Oligopoly: Firms in Less Competitive Markets

Monopoly and Antitrust Policy

Pricing Strategy

The Markets for Labor and Other Factors of Production

Public Choice, taxes, and the Distribution of Income

Filters

Figure 9-1 Figure 9-1 shows the U.S.demand and supply for leather footwear. -Refer to Figure 9-1.Under autarky,the equilibrium price is ,the consumer surplus is and the producer surplus is .

Trade restrictions tend to preserve in the protected industries and lead to in other industries.