If a large country in the world trade instituted a large set of subsidies for its exports, this must Select one: A. have no effect on its terms of trade. B. decrease its marginal propensity to consume. C. improve its terms of trade. X D. harm world terms of trade. E. harm its terms of trade.
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- Openness of an economy is: (a) the extent to which a country is involved in international trade andfinance.(b) the degree to which a country generates its economic growth.(c) the degree to which a country generates its income.(d) the extent to which a country is involved in tourism. What is a tariff? (a) A form of subsidy.(b) A tax on imported goods.(c) A tax on foreign property.(d) A form of quota.When exports are subsidized, _____. a. the amounts of actual labor, raw material, and capital costs of production decrease b. nations export products in which they have a comparative advantage c. gains from trade in terms of world output increase d. nations export products in which they have an absolute advantage e. income is transferred from tax payers to the exporters of subsidized goodsWhich country will be exporting and importing which product? A) England will be exporting both wine and cloth B) Portugal will be importing wine and importing cloth C) Portugal will be exporting cloth and importing wine D) England will be exporting wine and importing cloth E) None of the above
- Give typing answer with explanation and conclusion Which statement is true of tariff reductions? Question 15 options: a) Tariff reductions lead to increased foreign competition that undermines the welfare of a nation. b) Tariff reductions primarily benefit import-competing industries within a nation. c) Reciprocal tariff liberalization has quickly become widespread to support free trade. d) Tariff reductions can increase the overall welfare of a nation when affected industries are compensated for their losses.Consider two countries, home and foreign and a single good, Y. Assume that home country imports good Y from foreign country. The import demand curve for good Y in home country is given by: MD = 170 – 2PY and the export supply curve for good Y in Foreign country is given by: EX = PY – 40. Part A. What is the free trade price of good Y? Show your work. Part B. How many units of good Y are traded under free trade? Show your work. Part C. If home country imposes a specific tariff of $15 per unit of good Y imported, what is the price of good Y that Foreign exporters receive? Show your work. Part D. If home country imposes a specific tariff of $15 per unit of good Y imported, what is the price of good Y that Home consumers pay? Show your work. Part E. If home country imposes a specific tariff of $15 per unit of good Y imported, how many units of good Y are traded now? Show your work. Part F. If home country imposes a specific tariff of $15 per unit of good Y imported, what is the tariff…Question ; Check all true statements below. Select one : O. Export tariffs hurt consumers O. Import tariffs hurt consumers O. If a a country is a large supplier of some good on the world markets, it can affect world prices with an import tariff on this good. O Import tariffs assist domestic producers
- Consider two countries, home and foreign and a single good, Y. Assume that home country imports good Y from foreign country. The import demand curve for good Y in home country is given by: MD = 170 – 2PY and the export supply curve for good Y in Foreign country is given by: EX = PY – 40. a) What is the free trade price of good Y? Show your work. b) How many units of good Y are traded under free trade? Show your work. c) If home country imposes a specific tariff of $15 per unit of good Y imported, what is the price of good Y that Foreign exporters receive? Show your work. d) If home country imposes a specific tariff of $15 per unit of good Y imported, what is the price of good Y that Home consumers pay? Show your work. e) If home country imposes a specific tariff of $15 per unit of good Y imported, how many units of good Y are traded now? Show your work. f) If home country imposes a specific tariff of $15 per unit of good Y imported, what is the tariff revenue? Show your work. g) Assume…Openness to trade measures A the inverse of the average time needed to comply with customs forms when importing goods into a country. B the amount of exports and imports as a share of GDP of a country. C the inverse of the average import tariff employed by a country. D the facility of doing business in country by a foreign firm.Offer curves tell usa) The demand and supply of both goods at different relative pricesb) The demand for import good only at different relative prices.c) The supply of export good at different relative prices.d) None of the above.
- Most economists believe that tariffs area. a good way to promote domestic economicgrowth.b. a poor way to raise general economic well-being.c. an often necessary response to foreigncompetition.d. an efficient way for the government to raiserevenue.61.Comparative advantage in production of the good measured on the horizontal axis is identified with a straight-line production possibilities frontier that has a slope that is A)larger in magnitude (or absolute value). B)smaller in magnitude (or absolute value). C)positive. D)larger in magnitude (or absolute value.) and positive. 62.A quota that limits U.S. imports of cane sugar A)harmsU.S. sugar consumers. B)helpsU.S. cane sugar producers. C)helpsU.S. corn syrup (sweetener) producers. D)all of the options are correct. 63.A quota that limits U.S. imports of cane sugar A)harmsU.S. consumers more than it helps U.S. producers. B)helpsU.S. producers more than it hurts U.S. consumers. C)harms foreign producers more than it helps U.S. producers. D)helps both U.S. consumers and U.S. producers at the expense of foreign producers. 64.Of approximately 140 million jobs in the U.S., each year approximately A)31 million are eliminated and 30 million are created.…A small country’s demand curve is given by Q=36-2P and its supply curve is given by Q=4P-12. Assume the world is currently in free trade and that the price under free trade is $4. What is the prohibitive specific import tariff for this economy (i.e. the tariff that would reduce net exports to zero)?Group of answer choices a.6 b.5 c.4 d.8
