Question: please help me to answer those questions. QUESTION 7 An import quota a. reduces the welfare of domestic producers. O b. is preferable to a


QUESTION 7 An import quota a. reduces the welfare of domestic producers. O b. is preferable to a tariff since an import quota does not create a deadweight loss. O c. is a tax on imported goods. d. reduces the welfare of domestic consumers. QUESTION 8 Assume, for Colombia, that the domestic price of coffee without interational trade is higher than the world price of coffee. This suggests that O a. Colombia will export coffee if international trade is allowed. Ob.other countries have a comparative advantage over Colombia in producing coffee. Oc Colombia has an absolute advantage over other countries in producing coffee. d.Colombian coffee buyers will become worse off if international trade is allowed. 1 points QUESTION 9 Assume, for Japan, that the domestic price of automobiles without international trade is lower than the world price of automobiles. This Ruggests that in the production of automobiles, Os other countries have a comparative advantage over Japan and Japan will import automobiles. b. Japan has a comparative advantage over other countries and Japan will import automobiles. Ocother countries have a comparative advantage over Japan and Japan will export automobiles. Od Japan has a comparative advantage over other countries and Japan will export automobiles. 1 point QUESTION 10 At present, the United States uses a system of quotas to limit the amount of sugar imported into the country. Which of the following statements is most likely true? a. The quotas are probably the result of lobbying from foreign producers of sugar. The quotas reduce producer surplus for the United States, increase consumer surplus for the United States, and benefit foreign sugar producers, Ob. The quotas are probably the result of lobbying from U.S. consumers of sugar. The quotas increase consumer surplus for the United States, reduce producer surplus for the United States, and harm foreign sugar producers Oc. U.S. lawmakers did not need to be lobbied to impose the quotas because total surplus for the United States is higher with the quotas than without them. d. The quotas are probably the result of lobbying from U.S. producers of sugar. The quotas increase producer surplus for the United States, reduce consumer surplus for the United States, and harm foreign sugar producers. QUESTIONS A tariff on a product a. is a direct quantitative restriction on the amount of a good that can be imported. b. increases the domestic quantity supplied. O cincreases domestic consumer surplus. d. All of the above are correct. QUESTION 6 About what percent of total world trade is accounted for by countries that belong to the World Trade Organization? O a. 54 percent Ob.97 percent O c. 72 percent d. 89 percent
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