To explain The arguments in favor of trade restriction Concept Introduction Trade restriction: The policies taken by the government to curtail or restrict international trade.

Question

: (Arguments for Trade Restrictions) Explain the national defense, declining industries, and infant industry arguments for protecting a domestics industry from international competition.

Answer 1

Question

Chapter 19, Problem 4.9P

To determine

To explain The arguments in favor of trade restriction

Concept Introduction

Trade restriction:The policies taken by the government to curtail or restrict international trade.

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: (Arguments for Trade Restrictions) Explain the national defense, declining industries, and infant industry arguments for protecting a domestics industry from international competition.

PRICE (Dollars per ton) 980 Domestic Demand 930 880 830 780 730 680 630 580 530 480 0 50 Domestic Supply Pw 100 150 200 250 300 350 400 450 500 QUANTITY (Tons of oranges) If Zambia is open to international trade in oranges without any restrictions, it will import A tariff set at this level would raise $ ? Suppose the Zambian government wants to reduce imports to exactly 200 tons of oranges to help domestic producers. A tariff of $ will achieve this. tons of oranges. in revenue for the Zambian government. per ton

QUESTION 1.Consider two countries: South Korea and New Zealand and two goods: Lamb and Air Pumps. South Koreaimports $210 million worth of lamb from New Zealand and exports $10 million worth of lamb to New Zealand.On the other hand, New Zealand imports $60 million worth of air pumps from South Korea and exports $20million worth of air pumps to South Korea. What is the inter-industry trade measure between these two countries?(a) 2/3.(b) 1/5.(c) 4/5.(d) 1/3. Explain why.