In the early 1980's many countries throughout the world refused to do business with South Africa in order to force their governmer apartheid. What type of trade barrier was this? (38b,1) OA. Embargo O B. Quota C. Tariffs O D. Taxes
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- The World Trade Organization (WTO) was created in 1995 to Multiple Choice provide a forum where trade disputes can be litigated and decided by a body that can directly enforce its decisions. encourage the imposition of nontariff barriers instead of imposition of tariffs oversee global rules of government policy toward international trade. All of these are correctA basic World Trade Organization (WTO) principle is that trade barriers Multiple Choice O O O can be imposed by any country that believes it will benefit from the trade barriers. can be imposed if a majority of the members of the WTO agree. should be lowered equally and without discrimination for all member countries. should be the same in all member countries so that the result is fair.The figure below illustrates the impact of an export subsidy as imposed by a large country. No imports are permitted. Price D D₁ O d. O b. So O (d+i+j). O (b+f+g). S₁ D Sa The production effect of the export subsidy is shown by area(s) Domestic price with subsidy World price World price with subsidy Quantity
- The Smoot-Hawley Act tried to divert consumer demand away from foreign products by Multiple Choice demanding local content requirements. O exporting more products to Europe. O subsidizing domestic businesses. O creating a trade deal with Canada and Mexico. O establishing tariff barriers.International market Country 2 Country 1 s2 S2 25 25 25 20 20 20 S1 15 15 15 s1 EIP IP IP 10 10 10 5 D2 d2 d1 Q SD1 0- 0 3 69 1215182124 O 0 3 6 9 1215182124Q 0369 1215182124 Q 18. What is the net welfare gain from trade to the economies of both countries together? (hint: the formula for calculating the area of a triangle is 1/2 times the base times the height) 6. 9. 13.5 33.75 P. P.6. The arguments for restricting trade Suppose there is a policy debate regarding the United States' Imposing trade restrictions on Imported semiconductors. Read the following scenario and answer the question that follows. A senator from a state with several semiconductor factories argues that the United States should threaten to impose a tariff on Chinese semiconductors in order to induce the Chinese to remove its tariff on American cars. Which of the following justifications is the senator using to argue for the trade restriction on semiconductors? O Jobs argument O National-security argument O Unfair-competition argument O Using-protection-as-a-bargaining-chip argument O Infant-industry argument
- either the percer 9. Australia has only one firm that makes aircraft. Without assistance from the government. that firm has lost most of its business to imports from the United States and Europe Which of the following policies would be most costly for the Australian nation as a whole, and which would be least costly? Policy A: Paying the lone Australian firm a production subsidy per plane, without protect- ing it against imports. Policy B: Imposing a tariff equal to the production subsidy in policy A. Policy C: Imposing an import quota that cuts imports just as much as policy B would. thair domestic prodInternational trade benefits the exporter at all times and sometimes also the importer. both the exporter and the importer. only the importer. only the exporter. neither the exporter nor the importer. A tax on a good that is imposed by the importing country is called a licensing regulation. trade constraint. quantitative restriction. nontariff barrier. tariff. In the wake of worsening relations with China, some Americans called for an increase in tariffs on Chinese products coming into America. If higher tariffs are imposed on clothing produced in China, the price of clothing in America would not change. first decrease then increase. increase. decrease. first increase then decrease. If the government decides to impose a new tariff on orange juice from Brazil, the tariff would lead to ________ the tariff revenue collected by the U.S. government. a decrease in making illegal no change in an increase in an elimination of If a tariff…Explain how a US QUOTA on foreign dairy would affect each group in the economy. Helps sales because the competition is limited Hurt by decreased supply which causes higher prices Benefits from support from US producers, but risks causing harm to the economy Hurts sales because the purchases are limited, but may benefit from higher prices paid for their products :: US Government :: Foreign Producers :: Domestic Consumers (US consumers) :: Domestic Producers
- You learned that there are some arguments in support of restricting imports. Match the right and left sides correctly: Infant industry argument V [ Choose ] the threat of blocking international trade can pressure low-income countries for higher environmental standards block imports for a limited time, to give an industry time to mature, before it starts competing on equal terms in the global economy block imports that are sold below the cost of production by imposing tariffs that increase the price of these imports to reflect their cost of production certain imported products are unsafe for consumers there are compelling national interests against depending on key imports from other nations Anti-dumping laws Environmental protection argument [ Choose ] Unsafe consumer products argument [ Choose ] National interest argument [ Choose ]The primary economic advantage of the European Union to its members is that:O the tax structures of each participating nation have been made nearly identicalO each nation is free to formulate its own trade policies all participating nations use acommon currencyO the reduction of trade barriers permits producers to specialize based on the principle of comparative advantageO all labour and safety regulations are now standardized through the areaHomework (Ch 09) Q Search th The following graph shows the domestic supply of and demand for maize in Panama. The world price (Pw) of maize is $270 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount dermanded by any one country does not affect the world price of maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Domestic Demand Domestic Supply 450 430 410 300 370 350 330 260 270 PRICE (Dollars per ton)