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Question: In the context of international trade, what does a trade surplus indicate?
a) Exports exceed imports
b) Imports exceed exports
c)
d) No trade activity.
Step by step
Solved in 4 steps
- 3:55 PM Tue Apr 27 * 40% D ( Notes April 27, 2021 at 3:54 PM When China's supply of clothing increases, the increase in world supply lowers the world price of clothing. -Draw an appropriate diagram to analyze how this change in the world price affects consumer surplus, producer surplus, and total surplus in a nation that imports clothing, such as the US. (1)Label the old and new world prices(2)The change in quantity demanded my customers, and (3) The change in quantity supplied by domestic producers. Make a table that shows consumer surplus, producer surplus, and total surplus at the old world price and New World price.B1) Country A has 10 million workers and Country B has 20 million workers. Each worker in Country A can produce 2 units of wine and 4 units of fabric in a year. Each worker in Country B can produce 3 units of wine and 5 units of fabric in a year. a) Which country should import wine? Explain your answer. b) What is the range of trading prices (in terms of fabric) for wine between the two countries?A Moving to another question will save this response. Question 25 The following graph shows the exports (blue line) and imports (red line) for Japan. For the year 2017, Japan faces FRED Exports of Goods and Services in Japan Imports of Goods and Services in Japan 30T 28T 26T 24T 22T 20T 18T 2013 Japanese Yen 16T 1995 2011 2012 2000 2014 2015 2016 2017 2018 2019 2020 2021
- QUESTION 23 At which round of international trade negotiations were there numerous disagreements between The US and EU on reducing agricultural subsidies? A. The Uruguay Round. B. The Kennedy Round. C. The Tokyo Round.A government supporting the difference between global export market prices and higher domestic prices is known as: A. Trade Deficit B. Trade Surplus C. Import Tariff D. Import Quota E. Embargo F. Export SubsidySuppose that a tariff is imposed on imported cheese. This will have the effect of __________ the quantity consumed of cheese, __________ consumers' surplus, and __________ the government's tariff revenues. Question 13 options: 1) increasing; decreasing; decreasing 2) decreasing; increasing; increasing 3) decreasing; decreasing; increasing 4) decreasing; increasing; decreasing 5) increasing; increasing; increasing
- P * 00 PRICE (Dollars per tonne) News Analysis: Nailing Down Metal Tariffs 2. The impact of a tariff Consider a hypothetical example of trade in aluminum between the United States and China. For simplicity, assume that China is the only source of U.S. aluminum imports. The following graph shows the U.S. market for aluminum. Note that in the absence of any trade, the market price for aluminum in the United States is $500 per tonne, and the equilibrium quantity is 50 million tonnes per month. Use the green area (triangle symbol) to show U.S. consumer surplus under free trade with China, and use the purple area (diamond symbol) to show U.S. producer surplus under free trade with China. 000 Domestic Demand Domestic Supply t: A 006 Consumer Surplus 008 000 Producer Surplus 009 000 Free Trade Price 09 06 出尔: 年 FEB 6. **** MacBook Air F2 F3 F4 F5 F6 F7 F8 F10 24 4. & 23 3. 8. 9. 7. Y M G gE mandQuestion 02. In terms of welfare, what is a difference between a tariff imposed by a large country and a tariff imposed by a small country? A. A tariff imposed by a large country has no deadweight consumption and production losses. B. A tariff imposed by a large country has a terms-of-trade effect. C. A tariff imposed by a small country has a terms-of-trade effect. D. A tariff imposed by a large country has no deadweight consumption loss. Question 03. The small nation of Endor currently produces 100,000 board feet of lumber at $600 per 1,000 board feet. Then it begins to trade at the world price of $500 per 1,000 board feet. As a result of trade, Endor's production falls to 50,000 board feet and its consumption increases to 200,000 board feet. What is Endor's total gain in consumer surplus once it begins to trade? A. $10,000 B. $15,000 C. $100,000 D. $150,000Imports Travel Civilian aircraft and parts Business services Royalties and license fees Agriculture Chemicals Financial services Transport Industrial machinery Automobile parts Ten largest U.S. exports Exports Five of the ten exports are services 25 50 75 100 125 150 175 200 225 Exports (billions of dollars per year)
- International Trade End of Chapter Problem Consider each argument for limiting international trade: • The national security argument suggests that national security requires that strategically important goods be produced domestically. • The infant industry argument suggests that protection can help infant industries develop. • The unfair competition argument suggests that anti-dumping laws prevent unfair competition. • The fair standards argument suggests that trade should not enable firms to skirt regulations. Determine which argument each statement is related to and whether the statement supports or opposes the argument. a. "Industries that are protected from foreign competition often never develop to a point where they can compete internationally." This statement יל opposes the infant industry argument. b. "If foreign importers do not meet U.S. requirements regarding child labor, safety, and the environment, they will have an unfair cost advantage over domestic firms." This…12. If the free trade price is lIP and this country imposes a trade tariff of $3, what will be the resulting net welfare loss to the economy? a)$3 b)$27 C)$13.5 d)$40.5 e)$9 13. if the free trade price is IP and this country imposes an import quota of 6 units, what will be the welfare loss to this economy? a)$3 b)$27 c)$13.5 d)$40.5 e)$18The change in the total gain to a nation from international trade is the: Question 10 options: producer surplus. consumer surplus. excess of producer surplus over consumer surplus. sum of consumer and producer surpluses.