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- If a nation lhat does not allow international trade insteel has a domestic price of steel lower than I heworld price, then~ the nation has a comparative a dvan ta~e in oroduc·ing steel and would become a steel exporter if ilopened up trade.h. the nation has a comparative a dvan ta~e in oroduc·ing steel and would become a steel importer if ilopened up trade.c. the nation does not have a comparative advantagein producing steel and would become a steelexporter if it opened up trade.rl. the nation does not have a comparative advantagein producing steel and would become a steelimporter if it opened up trade.a) What is the value of the following before AND after tariff? (i) Domestic production (ii) Domestic consumption. (iii) Imports. don't use chatgpt answer.nternational trade benefits a nation whena. its revenue from selling abroad exceeds itsoutlays from buying abroad.b. its trading partners experience reduced economicwell-being.c. all nations are specializing in producing whatthey do best.d. no domestic jobs are lost because of trade.
- Trade, tariffs, and protectionism. a) Explain, with aid of a diagram, the welfare effects of a tariff on the importing country.2. Workers in industries protected by tariffs and quotas are likely to support these trade restrictionsbecause they believe the restrictions will protect their jobs.a. True b. False3. Imports are goods and services bought domesticallya. and produced domestically. b. but produced in other countries.c. and resold at a profit. d. and subject to tariffs.e. and not subject to tariffs.4. Which of the following are examples of non-tariff barriers? (Choose all that apply).a. Imported products have to comply with new health and safety regulations.b. A quota is imposed on imports of certain goods.c. There is a prohibition to import certain goods due to national security concerns.d. Tariffs are increased to restrict imports from one or more countries.e. Importers need to fill additional paperwork that makes certain imports more difficult.The country Autarka does not allow international trade.In Autarka, you can buy a wool suit for 3 ounces ofgold. Meanwhile, in neighboring countries, you can buythe same suit for 2 ounces of gold. This suggests thata. Autarka has a comparative advantage inproducing suits and would become a suitexporter if it opened up trade.b. Autarka has a comparative advantage inproducing suits and would become a suitimporter if it opened up trade.c. Autarka does not have a comparative advantagein producing suits and would become a suitexporter if it opened up trade.d. Autarka does not have a comparative advantagein producing suits and would become a suitimporter if it opened up trade
- What is the range of prices (i.e., the CPC) at which trade can occur? Also, show (a) the possible CPC for each country and (b) the possible production and consumption possibility lines for both countries after trade. Show your work!a.Evaluate the reasons we see the prevalence of intra-industry trade between similar economies. b. Explain how tariffs can serve as a barrier to trade, and identify at least two benefits of reducing barriers to international trade. c. Define protectionism, and explain nontarriff barriers to trade. Who are the major beneficiaries and losers from protectionism in an economy engaging in protectionism.Consider two countries, home and foreign and a single good, Y. Assume that home country imports good Y fromforeign country. The import demand curve for good Y in home country is given by: MD = 170 – 2PY and theexport 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 goodY 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 goodY 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 goodY 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 tariffrevenue?…
- The nation of Theopolis recenty put a tariff on the importation of washing machines. Which of the following statements is true based on this information? (a) This tariff harms consumers in Theopolis who buy washing machines (b) This tariff benefts the producers of washing machines in Theopolis (c) This tarif hurts the producers of washing machines in other countries that export to Theopolis (d) The tariff will increase overall weltare in Theopolis Explain all the false answers alsoSuppose a country opens its trade borders andbecomes a net-exporter of beef. Is it better for domestic consumers of beef if the country is a large playeron the world market or a small player?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.
