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- 2) Figure below illustrates the steel market for Mexico, assumed to be a "small" coantry that is unable to affect the world price. Suppose the world price of steel is given and constant at $200 per ton. Now suppose the Mexican steel industry is able to obtain trade protection. Mexican producers' supply with and without subsidy are also provided. Figure: Mexico's Steel Trade with and w/o non-tariff barriers 1000 800 SM o subi 600 Su am ra 400 200 Ou 2 10 Tons of d) Suppose the Mexican govemment provides a subsidy of $200 per ton to its steel producers, as indicated by the supply schedule Sa jwth esbedyl. The quantity of imports is tons. e) Suppose the Mexican govemment provides a subsidy of $200 per ton to its steel producers, as indicated by the supply schedule Sa jwith eubrdyi. The overall deadweight welfare loss to Mexico equals $2' 00 Price (S) LL I %24 Price (S) Question 57 of 60 > (Figure: Market for Watches in Countries A and B) Referring to the graphs, we see that, as a result of free trade, consumers of watches in country A and consumers of watches in country Country A Country B 002 互 DOL D. Watches Watches will be the winners; will be the losers O The consumers in both countries will end up winning. will be the losers; will be the winners The consumers in both countries will end up losing. 10:14 PM 75°F A ENG 12/12/2021 O J O : pua dn 6d SuI prt sc delete f8 4+ 114 61 f5 91 unu lock f4 backspace & %24 4. 6 6. 7. 5. home dn 6d enter pause ↑ shift pue ctri SU altImagine a scenic canyon, visited by many local people as well as tourists from beyondthe local area. Consider a scenario in which a mining company has proposed to the localauthority that it be closed to the public and put into the production of coal. Thinking interms of economics as a way of adjudicating the relative value of one use of the canyon overthe other, what would you need to know in order to make a comparison or assessment?What kinds of quantitative data would inform your decision, and where might they comefrom? What kinds of things might you need to know that are hard to measure? Once youhave listed the kinds of information and data that might be available to inform this decision, do you think it would be sufficient to making this decision, why or why not?
- The graph below shows the market for tres in the United States, a nation that is open to international trade but is assumed to be s poce taker unable to affect the world price of tires Market for Tires Price dolars per es 320 200 240 200 140 120 NO 40 Qu 400 120 160 200 240 280 320 Quantity (one of ses) a Using the graph above, at the wond price of $80 per tre, how many tires will the United States import mkon pres Now suppose the US government imposes a quota as shown as the graph above 4 b Uung this same graph, indicate the new markert equabinum with the quota iniposed and the domestic quantity suppited (0₂)tion 8 et ered ed out of ag question Price The diagram below shows the domestic demand and supply curves for denim jeans in Canada. The prevailing world price is Pw. Assume that all jeans are identical. PD Pw+t Pw D FIGURE 33-2 Q₁ Qs Quantity of denim jeans Refer to Figure 3-2. If Canada were to engage in no international trade in denim jeans, then the quantity consumed and produced in Canada would be Select one: OA. Q1 OB. Q2 00000 C. Q3 D. Q4 OE. Q5Question Completion Status: 25 Sd 20 15 p* a bc IP 10 Dd 0 3 6. 12 15 18 21 24 18. If the free trade price is IP and this country imposes a trade tariff of $3, the loss to consumers as a result of the imposition of the tariff is represented by O (a) area (a) in this graph O (b) area (b) in this graph (c) areas (c) + d) (d) areas (b) + (c) + (d) (e) areas (a) + (b) + (c) + (d) 9.
- 07. Under open trade, (a) country 1 will be importing and country 2 exporting 12 units at a price of $10. (b) country 1 will be importing and country 2 exporting 9 units at a price of $11. (c) country 2 will be importing and country 1 exporting 15 units at a price of $11. (d) country 2 will be importing and country 1 exporting 9 units at a price of $14. (e) country 2 will be importing and country 1 exporting 9 units at a price of $11.(2538) NBA MEECHYBABY&N n Global Trade: Tutorial 12.app.edmentum.com/courseware-delivery/ua/49021579/45266906/aHR0cHM6Ly9mMI5hcHAuZWRtZW50dWouY29tL2xlYXJUZXitd Global Trade: Tutorial 2 Question Select the correct answer. What is global trade? O communication between countries Hola O exchange of goods and services between countries O establishment of a subsidiary in a different country O becoming a citizen of a different country Submit PSC Co 01 @ #3 & 2 3 4.1.How do international economic relations differ from interregional economic relations?(b) In what way are they similar?2.How can we deduce that nations benefit from voluntarily engaging in international trade?3. Can you think of some ways by which a nationcan gain at the expense of other nations from traderestrictions? 4.Answer the following questions with reference toProblem 5.(a) What is the dollar price of wheat and cloth inthe United Kingdom if the exchange rate betweenthe pound and the dollar is £1 = $2? Would theUnited States be able to export wheat to the UnitedKingdom at this exchange rate? Would the UnitedKingdom be able to export cloth to the UnitedStates at this exchange rate?(b) What if the exchange rate between the dollarand the pound were £1 = $4?(c) What if the exchange rate were £1 = $1?(d) What is the range of exchange rates thatwill allow the United States to export wheat tothe United Kingdom and the United Kingdom toexport cloth to the United States. 5.(a)…
- K Refer to the information provided in the figures below to answer the question that follows. World Market U.S. Market 0.70 0.60- 0.50- 0.40 0.30- 0.20- -0.10 OO 0.00- OA 10 B. 6 O OC. 2 Price ($) D. 4 Sworld Dworld Millions of apples per day At the world price of 30 cents per apple, the United States imports 5 0.70- 0.60- 0.50- 0.40- 0.30- 0.20- 0.10- 0.00+ 0 Price ($) Sus Dus. 6 8 10 12 14 2 Millions of apples per day million apples per day. Q 3 temp 0 ofQuantity Demanded Domestically Price 1,850 $ 16 15 14 13 12 11 2,650 2,450 2,250 2,050 2,650 1,850 2,850 1,650 Refer to the accompanying table for a certain product's market in Econland. If Econland was entirely closed to international trade, the equilibrium price and quantity would be 2,050 2,250 2,450 Mutiple Choice O $14 and 2.250 un $15 and 2450 units $12 and 1,850 units Quantity Supplied Domestically $13 and 2450 unSuppose there is a policy debate regarding the United States' imposing trade restrictions on imported tires. Read the following scenario and answer the question that follows. The president of the United States argues that the United States should threaten to impose a tariff on Chinese tires in order to induce the Chinese to remove its tariff on American cars. Which of the following justifications is the president using to argue for the trade restriction on tires? O Jobs argument O Unfair-competition argument O National-security argument O Using-protection-as-a-bargaining-chip argument O Infant-industry argument
