Exam 19: International Trade

Use the following to answer questions Figure: International Trade 2 -(Figure: International Trade 2)Refer to the figure.With the tariff in this figure,the domestic quantity demanded is ______,and the quantity supplied domestically is ______.

Child labor is primarily a result of:

Use the following to answer questions Figure: Bananas -(Figure: Bananas)If there is a $3 tariff on bananas,what is the total tariff revenue?

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

The U.S.government's policies on foreign-made sugar:

In poor countries,when child laborers get laid off they:

Protectionism policies restrain trade through price controls that burden foreign producers but not domestic producers.

The biggest factor in the 1990s productivity boom in the United States was:

If the United States imports teacups from other countries,then U.S.producers of teacups are better off,and U.S.consumers of teacups are worse off,as a result of trade.

Trade restrictions:

Which of the following is TRUE about the economic policy of "protectionism"?

According to the text,the sugar tariff wastes ______ worth of resources.

Eliminating tariffs on imported sugar would:

A tariff on a good when the world price is lower than the domestic price leads to:

What is the difference between a tariff and a trade quota?

In 1845,French economist Frédéric Bastiat famously compared tariffs to blocking out the sun since both low-priced imports and free sunlight discourage domestic industry.What part of the trade diagram best describes the encouragement of domestic industry if Bastiat's "blockade" was taken seriously?

The losses from trade protection include:

Use the following to answer questions Figure: Foreign Trade -(Figure: Foreign Trade)Refer to the figure.What quantity would be traded in a free-trade environment?

Trade restrictions based on national security concerns:

Use the following to answer questions Figure: Costs of Tariffs -(Figure: Costs of Tariffs)Refer to the figure.From left to right,the first triangle,rectangle,and second triangle in the diagram for analyzing a tariff represent: