Exam 9: Application International Trade: Part A

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Scenario 9-3 Suppose domestic demand and domestic supply in a market are given by the following equations: -Refer to Scenario 9-3.Suppose the world price in this market is $8 per unit.If the country allows free trade,will the country import or export this good,and how many units will be imported/exported?

(Short Answer)

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Question 21

Figure 9-27 The following diagram shows the domestic demand and supply curves in a market.Assume that the world price in this market is $20 per unit. -Refer to Figure 9-27.Suppose the country imposes a $5 per unit tariff.If the country allows trade with a tariff,how much are consumer surplus,producer surplus,tariff revenue,and total surplus?

(Short Answer)

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Question 22

What are the arguments in favor of trade restrictions,and what are the counterarguments? According to most economists,do any of these arguments really justify trade restrictions? Explain.

(Essay)

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Question 23

A tax on an imported good is called a ------ .

(Short Answer)

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Question 24

Figure 9-28 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-28.Suppose the world price in this market is $6.If the country allows free trade,how much is consumer surplus?

(Short Answer)

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Question 25

Figure 9-28 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-28.With no trade allowed,what are the equilibrium price and equilibrium quantity in this market?

(Short Answer)

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Question 26

Figure 9-29 The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit. -Refer to Figure 9-29.Suppose the country imposes a $1 per unit tariff.If the country allows trade with a tariff,how much is tariff revenue?

(Short Answer)

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Question 27

Figure 9-27 The following diagram shows the domestic demand and supply curves in a market.Assume that the world price in this market is $20 per unit. -Refer to Figure 9-27.If the country allows free trade,by how much do consumer surplus,producer surplus,and total surplus change with trade?

(Short Answer)

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(84)

Question 28

Figure 9-27 The following diagram shows the domestic demand and supply curves in a market.Assume that the world price in this market is $20 per unit. -Refer to Figure 9-27.If the country allows free trade,how much are consumer surplus,producer surplus,and total surplus with trade?

(Short Answer)

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Question 29

Figure 9-28 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-28.Suppose the world price in this market is $6.If the country allows free trade,how much is producer surplus?

(Short Answer)

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(80)

Question 30

Figure 9-26 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-26.Suppose the world price in this market is $7.If the country allows free trade,how many units will domestic consumers demand,and how many units will domestic producers produce?

(Short Answer)

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Question 31

How does an import quota differ from an equivalent tariff?

(Essay)

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Question 32

A country has a comparative advantage in a product if the world price is ----- than that country's domestic price without trade.

(Short Answer)

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Question 33

Figure 9-29 The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit. -Refer to Figure 9-29.Suppose the country imposes a $1 per unit tariff.If the country allows trade with a tariff,how much are consumer surplus and producer surplus?

(Short Answer)

4.8/5

(80)

Question 34

Suppose in the country of Nash that the price of oranges is $8 per bushel with no trade allowed.If the world price of oranges is $10 per bushel and if Nash allows free trade,will Nash be an importer or an exporter of oranges?

(Short Answer)

4.9/5

(88)

Question 35

Figure 9-29 The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit. -Refer to Figure 9-29.Suppose the country imposes a $1 per unit tariff.If the country allows trade with a tariff,how many units will domestic consumers demand and how many units will domestic producers supply?

(Short Answer)

4.8/5

(84)

Question 36

Figure 9-29 The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit. -Refer to Figure 9-29.Suppose the country imposes a $1 per unit tariff.If the country allows trade with a tariff,how much is the deadweight loss caused by the tariff?

(Short Answer)

4.8/5

(80)

Question 37

Figure 9-29 The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit. -Refer to Figure 9-29.Suppose the country imposes a $1 per unit tariff.If the country allows trade with a tariff,how much is total surplus?

(Short Answer)

5.0/5

(77)

Question 38

Figure 9-29 The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit. -Refer to Figure 9-29.Suppose the country imposes a $1 per unit tariff.If the country allows trade with a tariff,what will be the domestic price in this market?

(Short Answer)

4.8/5

(91)

Question 39

Suppose in the country of Jumanji that the price of coffee with no trade allowed is below the world price of coffee.If Jumanji allows free trade,will Jumanji be an importer or an exporter of coffee?

(Short Answer)

4.7/5

(85)

Question 40

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Exam 9: Application International Trade: Part A

What are the arguments in favor of trade restrictions,and what are the counterarguments? According to most economists,do any of these arguments really justify trade restrictions? Explain.

A tax on an imported good is called a ------ .

Figure 9-28 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-28.Suppose the world price in this market is $6.If the country allows free trade,how much is consumer surplus?

Figure 9-28 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-28.With no trade allowed,what are the equilibrium price and equilibrium quantity in this market?

Figure 9-29 The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit. -Refer to Figure 9-29.Suppose the country imposes a $1 per unit tariff.If the country allows trade with a tariff,how much is tariff revenue?

Figure 9-27 The following diagram shows the domestic demand and supply curves in a market.Assume that the world price in this market is $20 per unit. -Refer to Figure 9-27.If the country allows free trade,by how much do consumer surplus,producer surplus,and total surplus change with trade?

Figure 9-27 The following diagram shows the domestic demand and supply curves in a market.Assume that the world price in this market is $20 per unit. -Refer to Figure 9-27.If the country allows free trade,how much are consumer surplus,producer surplus,and total surplus with trade?

Figure 9-28 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-28.Suppose the world price in this market is $6.If the country allows free trade,how much is producer surplus?

Figure 9-26 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-26.Suppose the world price in this market is $7.If the country allows free trade,how many units will domestic consumers demand,and how many units will domestic producers produce?

How does an import quota differ from an equivalent tariff?

A country has a comparative advantage in a product if the world price is ----- than that country's domestic price without trade.

Suppose in the country of Nash that the price of oranges is $8 per bushel with no trade allowed.If the world price of oranges is $10 per bushel and if Nash allows free trade,will Nash be an importer or an exporter of oranges?

Figure 9-29 The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit. -Refer to Figure 9-29.Suppose the country imposes a $1 per unit tariff.If the country allows trade with a tariff,how much is total surplus?

Suppose in the country of Jumanji that the price of coffee with no trade allowed is below the world price of coffee.If Jumanji allows free trade,will Jumanji be an importer or an exporter of coffee?

Ten Principles of Economics

Ten Principles of Economics: How People Make Decisions

Ten Principles of Economics: How People Interact

Ten Principles of Economics: How the Economy As a Whole Works

Ten Principles of Economics: Part A

Ten Principles of Economics: Part B

Thinking Like an Economist

Thinking Like an Economist: The Economist As Scientist

Thinking Like an Economist: The Economist As Policy Adviser

Thinking Like an Economist: Why Economists Disagree

Thinking Like an Economist: Lets Get Going

Thinking Like an Economist: Graphing a Brief Review

Thinking Like an Economist: Part A

Thinking Like an Economist: Part B

Interdependence and the Gains From Trade

Interdependence and the Gains From Trade: A Parable for the Modern Economy

Interdependence and the Gains From Trade: Comparative Advantage the Driving Force of Specialization

Interdependence and the Gains From Trade: Applications of Comparative Advantage

Interdependence and the Gains From Trade: Conclusion

Interdependence and the Gains From Trade: Part A

Interdependence and the Gains From Trade: Part B

The Market Forces of Supply and Demand

The Market Forces of Supply and Demand:Markets and Competition

The Market Forces of Supply and Demand: Demand

The Market Forces of Supply and Demand: Supply

The Market Forces of Supply and Demand: Supply and Demand Together

The Market Forces of Supply and DemandConclusion How Prices Allocate Resources

The Market Forces of Supply and Demand: Part A

The Market Forces of Supply and Demand: Part B

Elasticity and Its Applications

Elasticity and Its Applications: The Elasticity of Demand

Elasticity and Its Applications: The Elasticity of Supply

Elasticity and Its Applications: Three Applications of Supply,demand,and Elasticity

Elasticity and Its Applications: Part A

Elasticity and Its Applications: Part B

Supply Demand and Government Policies

Supply Demand and Government Policies: Controls on Prices

Supply Demand and Government Policies: Taxes

Supply Demand and Government Policies: Part A

Supply Demand and Government Policies: Part B

Consumers Producers and the Efficiency of Markets

Consumers Producers and the Efficiency of Markets: Consumer Surplus

Consumers Producers and the Efficiency of Markets: Producer Surplus

Consumers Producers and the Efficiency of Markets: Market Efficiency

Consumers Producers and the Efficiency of Markets: Conclusion Market Efficiency and Market Failure

Consumers Producers and the Efficiency of Markets: Part A

Consumers Producers and the Efficiency of Markets: Part B

Application the Cost of Taxation

Application the Cost of Taxation: The Deadweight Loss of Taxation

Application the Cost of Taxation: The Determinants of the Deadweight Loss

Application the Cost of Taxation: Deadweight Loss and Tax Revenue As Taxes Vary

Application the Cost of Taxation: Conclusion

Application the Cost of Taxation: Part A

Application the Cost of Taxation: Part B

Application International Trade

Application International Trade: The Determinants of Trade

Application International Trade: The Winners and Losers From Trade

Application International Trade: The Arguments for Restricting Trade

Application International Trade: Conclusion

Application International Trade: Part B

Measuring a Nations Income

Measuring a Nations Income: The Economy's Income and Expenditure

Measuring a Nations Income: The Measurement of GDP

Measuring a Nations Income: The Components of GDP

Measuring a Nations Income: Real Versus Nominal GDP