Answer in step by step with explanation.Don't use Ai and chatgpt.Answer in all options. For country A, an import is a good produced in:country B and purchased by residents of country B.country B and purchased by residents of country A.country A and purchased by residents of country B.country A and purchased by residents of country A.

Understanding Imports and ExportsIn international trade, imports are goods or services produced in…

Answered: For country A, an import is a good…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter18: Trading With Other Nations

Section18.1: The Benefits Of World Trade

Problem 4R

See similar textbooks

Similar questions

Tariffs reallocate income from consumers to producers. government to producers. producers to consumers. consumers to both producers and foreigners consumers to foreigners.
Which is better for a country—to export more or to import more?
Why Japan is dependent on food import?
Tariffs and quotas are costly to consumers because the price of the imported good falls the supply of the imported good increases import competition increases for domestic goods consumers shift purchases to higher-priced domestic goods
A positive balance of trade is when: A. imports are greater than exports B. exports are greater than imports C. exports equal imports D. All of the Above
Predict what each of the following events would do to the terms of trade of the importing country and the exporting country, other things being equal. a. A blight destroys a large part of the coffee beans produced in the world. There will be favourable change in the terms of trade of coffee exporters, unfavourable change for coffee importers. b. The Koreans cut the price of the steel they sell to Canada. There will be favourable change in the terms of trade for Canada and unfavourable change in the terms of trade for Korea. c. General inflation of 4 percent occurs around the world. There will be unpredictable change in the terms of trade for the importing country and unpredictable change in the terms of trade for the exporting country. d. Violation of OPEC output quotas leads to a sharp fall in the price of oil. There will be change in terms of trade for oil exporters, and change in terms of trade for oil importers. unpredictable unfavourable favourable
Good Y A B с A to E A to B D to C Country 1 C to E D E Good Good Y A B To find the amount of exports for country 2, the distance between which two points are used? Country 2 E O; Good X
Price Po P₁ B D Domestic Supply World Price Domestic Demand Quantity
Identify whether the given items are examples of imports, exports, or neither. Assume the United States is considered the domestic country. Heath lives in the United States and purchases a video game produced in Japan. a. neither b. import c. export Veronica lives in Tennessee and buys an orange grown in Florida. a. export b. import c. neither A Chinese consumer purchases a television produced in China. a. import b. export c. neither A farmer in Iowa sells corn to a food processing plant in China. a. export b. import c. neither Chevron drills for oil in the United States and sells this oil to refineries in Brazil and Mexico. a. neither b. export c. import
When a country allows trade and becomes an importer of a good: a. Both domestic producers and domestic consumers become better off b. Domestic producers become better off, and domestic consumers become worse off c. Domestic producers become worse off, and domestic consumers become better off d. Both domestic producers and domestic consumers become worse off
Exporting countries Which of the following will be true, everything else remaining constant, for a country that exports some good? a)The greater the price elasticity of supply for the good in the exporting country, the greater the volume of exports. b) The more that consumers in the exporting country respond to a change in price, the greater will be the gains from trade. b) The smaller the price elasticity of demand and supply in the exporting country, the greater the gains from trade. c) Some domestic suppliers will lose surplus while others will gain surplus. Choose the statements that match the question and briefly explain your reasoning to understand the question better. Thankyou.
1._______ The total value of a nation’s exports minus thetotal value of its imports over some period of time.2._______ The ability to produce a specific product moreefficiently than any other nation.3._______ Selling and shipping raw materials or products toother nations.4._______ The ability to produce a specific product moreefficiently than any other product.5._______ All business activities that involve exchangesacross national boundaries.6._______ The total flow of money into a country minus thetotal flow of money out of that country over thesame period of time.7._______ A tax levied on a particular foreign product entering a country.8._______ A complete halt to trading with a particular nationor in a particular product.9._______ An international barter transaction.10. _______ An internationally supported bank that providesloans to developing countries to help them grow.a. countertradeb. foreign exchange controlc. multilateral development bank (MDB)d. absolute advantagee. import…

SEE MORE QUESTIONS

Recommended textbooks for you

Economics Today and Tomorrow, Student Edition

Economics

ISBN:

9780078747663

Author:

McGraw-Hill

Publisher:

Glencoe/McGraw-Hill School Pub Co

Microeconomics: Private and Public Choice (MindTa…

Economics

ISBN:

9781305506893

Author:

James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:

Cengage Learning

Macroeconomics: Private and Public Choice (MindTa…

Economics

ISBN:

9781305506756

Author:

James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:

Cengage Learning

Economics Today and Tomorrow, Student Edition

Economics

ISBN:

9780078747663

Author:

McGraw-Hill

Publisher:

Glencoe/McGraw-Hill School Pub Co

Microeconomics: Private and Public Choice (MindTa…

Economics

ISBN:

9781305506893

Author:

James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:

Cengage Learning

Macroeconomics: Private and Public Choice (MindTa…

Economics

ISBN:

9781305506756

Author:

James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:

Cengage Learning

Economics: Private and Public Choice (MindTap Cou…

Economics

ISBN:

9781305506725

Author:

James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:

Cengage Learning

MACROECONOMICS FOR TODAY

Economics

ISBN:

9781337613057

Author:

Tucker

Publisher:

CENGAGE L

Micro Economics For Today

Economics

ISBN:

9781337613064

Author:

Tucker, Irvin B.

Publisher:

Cengage,

SEE MORE TEXTBOOKS

For country A, an import is a good produced in: country B and purchased by residents of country B. country B and purchased by residents of country A. country A and purchased by residents of country B. country A and purchased by residents of country A.