Consider how the people in the United States benefit from trade. 1. Explain how it affects people and businesses in what they consume. 2. Explain how it affects people and businesses in what they produce.
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- 2. At one time, it was believed that the way for a nation to prosper was to export as much as possible while importing as little as possible. More money would flow into a country than out of a country. Is this really a sound economic strategy? What is the relationship between exports and imports?You are watching the nightly news. A political candidate being interviewed says, "I'm for free trade, but it must be fair trade. If our foreign competitors will not raise their environmental regulations, reduce subsidiaries to their export industries, and lower tariffs on their imports of our goods, we should retaliate with tariffs and import quotas on there goes to show them that we won't be played for fools!" A) If a foreign country artificially lowers the cost of production for its producers with lax environmental regulations and direct subsidiaries and then exports the products to us, who gains and who loses in our country, producers or consumers? B) Continuing form part A above, does our country gain or lose? Why? C) If a foreign country subsidizes the production of a good exported to the United States, who bears the burden of their mistaken policy? D) What happens to our overall economic well-being if we restrict trade with a country that subsidizes its export industries?…Economics A trade expert compares the modern tariffs to the Depression-era Smoot-Hawley tariffs. He says “The economic impact is going to take years to play out." What was the effect of the Smoot- Hawley tariffs on U.S. trade? a) Both imports and exports rose by nearly about the same amount, the trade balance remained about the same, and the total volume of trade increased. b) Both imports and exports fell by nearly about the same amount, the trade balance remained about the same, and the total volume of trade decreased. c) Imports decreased, and the trade balance increased. The total volume of trade was nearly unchanged. d) Imports decreased, and the trade balance was nearly unchanged. The total volume of trade decreased.
- 1. Suppose that you are a presidential candidate who is totally against free trade and I am a pro-free trade voter. Based on what you have learned in this class and on your previous knowledge, what arguments would you put forward to convince me (and get my vote) that free trade is NOT beneficial for our country? 2. Suppose that you are a presidential candidate who is pro-free trade and I am a voter against free trade. Based on what you have learned in this class and on your previous knowledge, what arguments would you put forward to convince me (and get my vote) that free trade is beneficial for our country?*** Which of the following statements about production and trade is FALSE? 1. If a country has an absolute advantage in producing a good, then it also has the comparative advantage in the production of that good. II. Rich countries will generally have the comparative advantage in the production of all goods. III. If a country has the absolute advantage in the production of a good, then this country will be made better off by specializing in the production of that good. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. b C d Specialization and Trade Q4 Homework Answered *** I only. I and II only. I, II and III. Ill only. Answered-Incorrect 1 attempt left Specialization and Trade Q9 Homework Unanswered X Your answer Resubmit‘The United States introducing tariffs on import from China and other countries will make the people of the United States better off. The Australian government should do the same and ban imports and protect Australian jobs from overseas competition’. Drawing on relevant economic theory, explain why this statement is correct or incorrect.
- The graphs below show the production possibilities frontiers for sugar and corn in South Africa and the United States. Instructions: Round your answers to two decimal places. First, assume the countries do not trade and can only consume what they produce. a. If South Africa produces 1 million tons of sugar, how much corn will it be able to produce? ____ million tons of corn b. If the United States produces 3 million tons of corn, how much sugar will it be able to produce? _____ million tons of sugar Now suppose the countries are considering trading. c. Which country has the comparative advantage in producing each good? South Africa has the comparative advantage in the production of _____ . The United States has the comparative advantage in the production of ______ . d. If South Africa fully specializes based on comparative advantage, how much will it produce? ____million tons of sugar and ____ million tons of corn e. If the…If a country closes off to trade and notices that the number of firms in an industry doubles in size, what economic theory would help us explain this phenomenon? A. Stolper-Samuelson. B. Melitz. C. Ricardian. D. Cournot. Explain your answer in up to 200 words and using a diagram(a) You have read all the time that trade brings net benefits to nations open to it. But are there any costs or drawbacks that come with open global trade? (b) Consider a country that is open to trade, but is using protectionist policies like tariffs and quotas. Why do you think that most consumers do not vigorously oppose these protectionist policies? (c) Suppose the country in (b) imports and exports goods and services from more than 80 different nations, but the bulk of its imports and exports tend to come from the same five nations. What might be the reasons that the majority of its imports and exports come from only five different nations as opposed to being more evenly spread across the 80 different nations that it trades with?
- USE THE GRAPH ! IN ORDER TO FIND THE ANSWER TO ALL 5 YOU MUST complete all questions! The free trade price, P FT, is the price that prevails in the export, or world, market. The quantity imported into the small country is found as the intersection between the downward-sloping import demand curve and the horizontal export supply curve. Free trade means that countries can import and export goods without any tariff barriers or other non-tariff barriers to trade. Essentially, free trade enables lower prices for consumers, increased exports, benefits from economies of scale and a greater choice of goods. In 1956, a bill was introduced in Chicago that, if passed, would allow the city to place a price floor on Lyft mileage rate. The market for Lyft miles is in the graph, what is the producer surplus if the city implements a binding price floor of $3.80? PS= Using the graph, what would be the DWL from a binding price floor of $3.80? DWL= Using the graph, if the city charged a tax…Please no written by hand and no emage Countries use a variety of ways to protect their trade. One way is to enact tariffs, which tax imports. This immediately raises the price of imported goods, making them less competitive when compared to locally produced goods. This works especially well for a country like the U.S., which imports a lot of consumer products and oil. The most famous example is the Smoot-Hawley Tariff of 1930. It was originally designed to protect farmers from agricultural imports from Europe, which was stepping up farming after the destruction of World War I. Go online and find out about the Smoot-Hawley Act. What role did the Smoot-Hawley Act play in the Great Depression? Into which ideological perspective would you classify the Smoot-Hawley Act? Explain your reasoning.Suppose that in a day a worker in the United States can produce 10 bushels of corn or 2 shirts. In Russia a worker can produce 9 bushels of corn or 3 shirts in one day. Which of the following would benefit both the United States and Russia if trade occurred? 1 shirt for 6 bushels of corn -----1 shirt for 4 bushels of corn 1 shirt for 1 bushel of corn 1 shirt for 2 bushels of corn Im doing review for a class and I realize that 1 shirt and for bushels are the correct answer I am just confused on what formula would apply to figue this out