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A trade surplus occurs when..............exceeds..............
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- Consider the figure to the right. What is the effect on U.S. textile consumers' total expenditures of the imposition of the quota that generates a movement from point E, to point E₂? The imposition of the quota has caused total expenditures of U.S. textile consumers to by $ million. (Enter your response as a whole number.) increase decrease Enter your answer the answer box and then click Check Answer. Price per Yard of Imported .00 Supply with import quotas F1 D 810 900 Quantity of Textiles Imported per Year (millions of yards) GThere is a trade surplus when _________23. What happens to the relative price of a good as a result of trade if there is an increasing return to scale in the industry producing the good. Is it still converging to a price between domestic and foreign price of the good? Draw a graph to answer.
- Export Subsidy. Suppose the home country exports cloth and imports food. Show the impact of an export subsidy by the home country using the relative demand and relative supply curves for cloth. What is the impact on the home country's terms of trade? Make sure you label your graph and explain your reasoning.When China's clothing industry expands, the increase in world supply lowers the world price of clothing. Consider the effects this has on both an importer and an exporter of clothing.In Italy, build an argument for increasing exports (imports) of some category of goods or services from (into) this country.
- ALL QUESTIONS APPLY TO GRAPH 28. Suppose IP is the international trade price and this country's government imposes a $3 tariff on imports of this good, what will be the net loss to this economy? 29. Suppose IP is the international trade price and this country's government imposes a $3 tariff on imports of this good, how much revenue will the government collect? 30. Suppose IP is the international trade price and this country's government imposes a 6 unit quota on imports of this good, what will be the net loss to this economY?Consider the figure to the right, which shows the domestic market for a good. Suppose that a tariff is added in that market. Using the line drawing tool, show the effect of this on the domestic market. Label your line either 'D,' or 'S₁. Carefully follow the instructions above and only draw the required object. When a tariff is added, it benefits domestic because it product due to the price of a close producers consumers foreign firms. demand for the domestic Price ($) $20- $10 $16- $14 $12 $10 10 16- 14 $2 12 14 Quantity go Do 16 18 20 Q Q GIf a smaller country imports a good (electronics) from a larger country, is it beneficial for the smaller countryto impose quotas on the good coming from the larger country. Will this affect the consumers of electronics, the domestic producers of electronics and the government?
- Suppose there are 2 countries that have the following supply and demand equations in autarky Country A Demand: Q = 80 - 4P Supply: Q = 2P - 4 Country B Demand: Q = 32 - 2P Supply: Q = 8P - 8 a) Given the information above which country would be the importer? (Enter A, B) b)What would be the Free Trade Price? c)What would be the Free Trade quantity traded? d) If the importing country imposes a tariff equal to $2 per unit, what would be the new price in the importing country?Consider a small country that exports good Z. Some of the total quantity of Z that is domestically produced is consumed by domestic consumers and the rest of it is exported. Then suppose that the government imposed a ban (a prohibition) on Z being exported. Show the effects of this export ban using a carefully labelled demand and supply diagram. On your diagram, shade-in the area that represent the deadweight loss caused by the export ban (please do not shade-in any other areas) and explain your reasoning.THE SHRINKING STEEL INDUSTRY Few industries have been harder hit by rising imports – and have made greater demands at the political level – than the steel industry. Its persistence apparently paid off when, in March 2002, George W. Bush agreed to impose a tariff of up to 30% on steel imports. The steel industry claimed that was barely enough to offset the combination of a stronger dollar and ‘‘dumping’’ by steel companies around the world because of a glut of excess capacity. It also requested, but did not receive, money from the government to pay the retirement and healthcare benefits for those pensioners who had received generous benefits when the industry was profitable. Without jettisoning this cost, the industry claimed, it could not consolidate and hence become competitive against worldwide competition. The positive impacts of such a move to employers and shareholders of the steel industry are obvious. But what about the negative impacts?…
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