Answered: International trade benefits the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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International 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 is imposed on imports of shrimp into the United States, U.S. producers ________ and the U.S. economy will ________.

lose; lose

gain; be unaffected

gain; lose

lose; gain

gain; gain

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