If international trade is allowed and price of certain commodity internationally is below of the domestic market’s price a. government will gain. b. Producer will gain. c. In case of tariff government will gain. d. we will have exports .e. all but d
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- when romania opened itself to international trade, the price of corn in romania almost doubled. does romania has comparative advantage in the production of corn? is romania an exporter or an importer of corn romania consumers of corn will be better off or worse off? how about the producers ? are there any gains from international trade?Why are many goods sold in the United States produced overseas, often in several counties? a. There are no tariffs on imports to the United States. b. It results in much lower prices for consumers. c. Overseas production is better for the environment. d. It reduces the U.S. trade deficit.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.
- Exercise: production per unit of labour: US: Wheat 300, Beef 100 Argentina: Wheat 20, Beef 20 a. Does either country have an absolute advantage in the production of wheat or beef? Explain b. What is the opportunity cost of wheat in each country? c. What is the opportunity cost of beef in each country? d. Analyze comparative advantage and opportunities for trade between the U.S. and Argentina.free trade, whereas others are unhapppy, even angry, that the government has reduced regulations on imports of such products as textiles and furniture, causing factories to shut down and employees to lose their jobs. they feel that the U.S. government should legislate greate egulation of imported goods to give American companies an advantage or at least to lessen the advantage that companies in other countries receive from their government. What do you think? How do you justify your answer?1. Production Possibilities Frontier 2. Trade. How does specialization and trade make individuals and countries wealthier? 3.Think about why countries benefit from foreign trade. Also consider a scenario where Country A is more productive than Country B at producing all goods. Why is it still in Country A’s best interest to trade with Country B?
- A semiconductor is a key component in your laptop, cell phone, and iPod. The table providesinformation about the market for semiconductors in the United States. Producers ofsemiconductors can get $18 a unit on the world market.a. With no international trade, what would be the price of a semiconductor and how manysemiconductors a year would be bought and sold in the United States?b. Does the United States have a comparative advantage in producing semiconductors?c. Draw a graph (graph is for your own reference, not required to be attached in the answersheet) to illustrate the U.S. supply and demand market for semiconductors. What is the pricewith free international trade? What is the quantity of semiconductors produced in U.S. andtotal quantity bought by U.S. people and the quantity exported from other countries?d. Due to loss of competitiveness brought on by appreciation of the exchange rate and the highproduction costs, U.S. government reduce the export (or limit the supply of…A) Using the prior graph if the U.S. did not trade what price would the good cost? If the world price was $200 what quantity would the U.S. produce? What quantity would be imported. What is consumer surplus at the world price? What is producer surplus at the world price? (Using labels do not use math) Who benefits from the free trade and who gets hurt? B) If the U.S. government puts a tariff on the good so now the price is $300 who benefits, who is hurt? What quantity will S. producers now produce? What happens to consumer surplus and producers’ surplus at this new price? What does the government gain from the tariff?Who benefits from free trade overall? C) Who benefits from trade restrictions? Why is a tariff the most used trade restriction?Canada has negotiated free trade agreements with several countries. With reference to theories of trade, why would Canada, as a country, want to have freer trade with other countries. In other words, justify or outline, using theories, the benefits of trade. Please do fast ... ASAP fast
- 2 Quotas and Tariffs reduce international trade in the same way a. True b. FalseInternational Trade (Chapter 20) QUESTIONS Suppose that in the absence of trade, the U.S. price for bicycles was higher than the world price for bicycles. Would allowing international trade, mean that the U.S. would import or export bicycles? Who in the U.S. would benefit and who would lose with a free trade policy, and would the gains be greater than the losses? Note: please do not give a copy & paste answer from Chegg. or course heroSuppose a country's workers can produce 4 pens per hour or 12 pencils per hour. If there is no trade, ________. a. the domestic price of 1 pencil is 1/4 of a pen b. the domestic price of 1 pencil is 4 pens c. the domestic price of 1 pencil is 12 pens d. the domestic price of 1 pencil is 1/3 of a pen e. the domestic price of 1 pencil is 3 pens Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
