-Question Completion Status: Market for Herring 15 So 8 Sworld + tariff Sworld Do 250 750 1670 3000 3600 Quantity As dictator for life, I decide that I would like cheaper herring, and open Hall-Land up to free international trade. Calculate consumer surplus with free international trade, Click Save and Submit to save and submit, Click SaveallAnsuers to sare all answers. 65

-Question Completion Status: Market for Herring 15 So 8 Sworld + tariff Sworld Do 250 750 1670 3000 3600 Quantity As dictator for life, I decide that I would like cheaper herring, and open Hall-Land up to free international trade. Calculate consumer surplus with free international trade, Click Save and Submit to save and submit, Click SaveallAnsuers to sare all answers. 65

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter34: Globalization And Protectionism

Section: Chapter Questions

Problem 34RQ: If opening up to free trade would benefit a nation, then why do nations not just eliminate their...

See similar textbooks

Similar questions

Assume two countries, Thailand (T) and Japan (J), have one good: cameras. The demand (d) and supply (s) for cameras In Thailand and Japan is described by the following functions: QsT=-5+14P QsJ=-10+14P QdT=60-P QdJ=80-P P is the price measured in a common currency used in both countries, such as the Thai Baht. Compute the equilibrium price (P) and quantities in each country without trade. Now assume that free trade occurs. The free-trade price goes to 56.36 Baht. Who exports and Imports cameras and in what quantities?
Do the rules of international trade require that all nations impose the same consumer safety standards?
Are the gains from international trade more likely to be relatively more important to large or small countries?
How would direct subsidies to key industries be preferable to tariffs or quotas?
If opening up to free trade would benefit a nation, then why do nations not just eliminate their trade barriers, and not bother with international trade negotiations?
Why might intra-industry trade seem surprising from the point of view of comparative advantage?
Does intra-industry trade contradict the theory of comparative advantage?
If trade barriers hurt the average worker in an economy (due to lower wages), why does government create trade barriers?
Consider two countries: South Korea and Taiwan. Taiwan can produce one million mobile phones per day at the cost of 10 per phone and South Korea can produce 50 million mobile phones at 5 per phone. Assume these phones are the same type and quality and there is only one price. What is the minimum price at which both countries will engage in trade?
The country of Pepperland exports steel to the Land of Submarines. Information for the quantity demanded (Qd) and quantity supplied (Qs) in each country, in a world without trade, are given in Table 34.6 and Table 34.7. What would be the equilibrium price and quantity in each country in a world without trade? How can you tell? What would be the equilibrium price and quantity in each country if trade is allowed to occur? How can you tell? Sketch two supply and demand diagrams, one for each country, in the situation before trade. On those diagrams, show the equilibrium price and the levels of exports and imports in the world after trade. If the Land of Submarines imposes an anti- dumping import quota of 30, explain in general terms whether it will benefit or injure consumers and producers in each country. Does your general answer change if the Land of Submarines imposes an import quota of 70?