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D. is the subset of the EU that uses a common currency. This is an example of a(n). A high growth in the home income level relative to other countries would ____ the home country's current account balance, other things equal. c. the demand curve of A's consumers is very elastic. Ceteris paribus, a lower dollar will push down the trade deficit. This is why every talk and projection about the direction of the economy and its growth profile will remain in the realm of conjecture, or ceteris paribus, or other things being equal. B. may be part of a firm's price discrimination strategy. C. was established to resolve disputes arising under world trade rules. A specific tariff is a tariff imposed on one unit of a good (e.g., $1,000 tariff on each imported car). B. increase the price and sales of domestic producers. More “fake” news. Chipper Morning Wood. As it relates to international trade, dumping: B. is the practice of selling goods in a foreign market at less than cost. 301 Moved Permanently . e. All of the above are true B. inferior to an import quota for Americans because a tariff increases the profits of domestic producers. But if tariffs are so bad, why do other countries get to use them while the United States cannot? D. costs of trade barriers exceed their benefits, creating an efficiency loss for society. The document has been permanently moved. C. box-by-box inspection requirements for imported fruit. The document has been permanently moved. Which of the following is an example of a labor-intensive commodity? In the figure below, price increases from the non-tariff … However, all other things being equal, the U.S. Other things equal, economists would prefer: A. free trade to tariffs and tariffs to import quotas. Suppose the domestic price (no-international-trade price) of copper is $1.20 a pound in the United States while the world price is $1.00 a pound. A tariff is a tax imposed by a government of a country or of a supranational union on imports or exports of goods. C. Harmony will produce chicken and Singsong will catch fish. The mos… C. import quotas to tariffs and tariffs to voluntary export restrictions. Assume that production occurs under conditions of constant costs and these are the only two nations in the world. C. the diversification-for-stability argument. If a nation has a comparative advantage in the production of X, this means the nation: B. must give up less of other goods than other nations in producing a unit of X. A tariff is a tax imposed by a government of a country or of a supranational union on imports or exports of goods. As mentioned, BLS does not account for tariff amounts in prices used for calculating the U.S. Ceteris paribus (other things being equal), a tariff will decrease the trade deficit (or increase the trade surplus). When implemented, money flows into the domestic country, that is, us in this case, since we’re selling more to foreigners than we’re buying, other things being equal. Graphical analysis of tariffs reveals that: C. they increase domestic production of the good for which imports face tariffs. See the answer. D. import quotas to free trade and free trade to tariffs. Answer the question on the basis of the following information about the cost ratios for two products-fish (F) and chicken (C)-in countries Singsong and Harmony. An ad valorem tax is charged by state and municipal governments, and it is based on the assessed value of a property or product. Other things equal, a tariff is: A. superior to an import quota for Americans because a tariff increases the profits of foreign producers. A. may be imposed either to raise revenue (revenue tariffs) or to shield domestic producers from foreign competition (protective tariffs). As a result, we would expect: C. employment to decrease in the U.S. bicycle industry. The fact that international specialization and trade based on comparative advantage can increase world output is demonstrated by the reality that: C. a nation's trading possibilities line lies to the right of its production possibilities line. Also known as duties or import duties, tariffs usually aim first to limit imports and second to raise revenue. July.3.2019 at 11:29 pm It doesn’t matter. Differences in production efficiencies among nations in producing a particular good result from: Countries engaged in international trade specialize in production based on: In order for mutually beneficial trade to occur between two otherwise isolated nations: B. each nation must be able to produce at least one good relatively cheaper than the other. A nation's export supply curve for a specific product: A nation will neither export nor import a specific product when its: A. domestic price equals the world price. As it relates to international trade- dumping, Is the practice of selling goods in a foreign market at less than cost, Was established to resolve disputes arising under world trade rules, Has reduced most trade barriers between Canada- Mexico- and the United States, Shifting work overseas that was previously done domestically. Other things equal, economists would prefer: A. free trade to tariffs and tariffs to import quotas. A. In comparing a tariff and an import quota we find that: B. the tariff generates revenue for the United States Treasury but the quota does not. D. the military self-sufficiency argument. Tariff, also called customs duty, tax levied upon goods as they cross national boundaries, usually by the government of the importing country. President Trump doesn’t like U. S. trade deficits. View Course Tariffs are of two types one is an import tariff, and the other one is an export tariff. A two-part tariff is a pricing scheme where a producer charges a flat fee for the right to purchase units of a good or service and then charges an additional per-unit price for the good or service itself. Ceteris paribus, a lower dollar will push down the trade deficit. Put simply, a tariff is a specific tax levied on an imported good at the border. Which of the following arguments contends that certain industries need to be protected in the interest of national security? The words tariff, duty, and customs can be used interchangeably.. A major difficulty with the argument that trade barriers are necessary because foreign workers are paid low wages is that: C. wage rates and labor productivity are directly related. His tariffs and tariff … When a tariff or other price-increasing policy is put in place, the effect is to increase prices and limit the volume of imports. Objectives of tariffs. Which of the following statements is false? Ironically, if he succeeds in his aim of increasing US investment, this will (other things remaining equal) increase his investment-savings gap and, hence, also the US’ CAD. In the past, Canada has agreed to set an upper limit on the total amount of softwood lumber sold to the United States. [+] costs due to tariffs. Ceteris paribus, a higher U.S. trade deficit will push down the value of the dollar. Export supply curves are __________________; import demand curves are ___________________. Which is an example of a non-tariff barrier (NTB)? In 2016, the U.S. average tariff rate was 2.9 percent. As mentioned, BLS does not account for tariff amounts in prices used for calculating the U.S. Studies show that developing nations that have relied on import restrictions to protect domestic industries have had higher growth rates than similar nations pursuing more open economic policies. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or … Study Resources. But if tariffs are so bad, why do other countries get to use them while the United States cannot? Differences in production efficiencies among nations in producing a particular good result from, Countries engaged in international trade specialize in production based on, In order for mutually beneficial trade to occur between two otherwise isolated nations, Each nation must be able to produce at least one good relatively cheaper than the other, Excise taxes on imported goods that help shield domestic producers of the good are called, An excise tax on an imported good that is not produced domestically is called a, Country A limits other nation's exports to Country A to 1,000 tons of coal annually. Tariff Advantages And Disadvantages ... other things equal, the price of wheat in Ivory Coast will increase, but by less than $1. False equivalence is a type of cognitive bias or flawed reasoning style. By devoting all of its resources to Y, Alpha can produce 60Y. False . c. benefits to consumers and producers are concentrated on specific firms and states. Other things equal a tariff is Select one a superior to an import quota for from ECON 203 at Highland Community College. b. the supply curve of B's producers is very elastic. The tariff imposed on imported goods is the import tariff. 105. Trade refers to the elimination of barriers to international trade.The most common barriers to trade are tariffs, quotas, and non tariff barriers. Superior to an import quota for Americans because a tariff generates revenue for the U.S. Treasury. Assuming no transportation costs, the United States will: A nation's import demand curve for a specific product: B. shows the amount of the product it will import at prices below its domestic price. This is an example of a(n): Suppose the United States eliminates high tariffs on German bicycles. Tariffs usually take two forms: specific and ad valorem. If the price elasticity of import demand is around 1, which is a typical estimate for the short-to-medium run, a 20 percent across the board … B. inferior to an import quota for Americans because a tariff increases the profits of domestic producers. Ceteris paribus, a higher U.S. trade deficit will push down the value of the dollar. Import and Export Price Indexes. This is an example of a(n): Which is an example of a nontariff barrier (NTB)? Assume that by devoting all of its resources to the production of X, nation Alpha can produce 40 units of X. Assuming no transportation costs, the United States will: Suppose the domestic price (no-international-trade price) of wheat is $3.50 a bushel in the United States while the world price is $4.00 a bushel. He also doesn’t like migrants flowing into the U. S. from south of the border. But that argument completely ignores every other effect of tariffs. Import and Export Price Indexes show the supply- and demand-based price changes that result from tariffs being announced or imposed. In the long run, a country that allows more commerce to flow is wealthier than one that restricts commerce more. An ad valoremAd Valorem TaxThe term “ad valorem” is Latin for “according to value,” which means that it is flexible, and it depends on the assessed value of an asset, product or service. If two nations have straight-line production possibilities curves: D. there will be a basis for mutually advantageous trade provided the slopes differ. account balance, other things equal. The organization created to oversee the provisions of multilateral trade agreements, resolve disputes under the international trade rules, and meet periodically to consider further trade liberalization is called the: The World Trade Organization was established as a successor to: Which of the following was not one of the principles on which the General Agreement on Tariffs and Trade (GATT) was established? Import and Export Price Indexes show the supply- and demand-based price changes that result from tariffs being announced or imposed. And like other economists, they may have said something like this: “Other things being equal, an increased tariff on steel products will provide some temporary relief to America’s battered steel industry. Other things equal, a larger share of a tariff is more likely to be "paid" by the foreign exporting country B rather than the domestic importing country A if. If one assumes that the producers of a good are price takers for all its inputs and that foreign producers are (say) 15% more efficient at producing the good then a 25% tariffs may well eliminate imports Other things equal I would predict that the price change in this scenario would be around 15%. Import and Export Price Indexes. D. may limit the extent to which a nation specializes in producing a particular product. Tariffs have historically been a tool for governments to collect revenues, but they are also a … C. import quotas to tariffs and tariffs to voluntary export restrictions. These are large, domestically oriented economies that depend lightly on each other’s markets, so punitive tariffs … Box-by-box inspection requirements for imported fruit, Increase the price and sales of domestic producers, Superior to an import quota for Americans because a tariff generates revenue for the U.S. Treasury, Other things equal- economists would prefer, Free trade to tariffs and tariffs to import quotas. This is an example of a(n): Suppose the United States sets a limit on the number of tons of sugar that can be imported each year. A Tariffdirectly relates to the harmonized tariff system codes (HTS)which imported/exported products are classified under. The impact of increasing, as opposed to constant, costs is to: C. cause the bases for further specialization to disappear as nations specialize according to comparative advantage. If country A can produce both goods X and Y more efficiently, that is, with smaller absolute amounts of resources, than can country B: A. mutually advantageous specialization and trade between A and B may still be possible. Other things equal, a tariff is: Answer superior to an import quota for Americans because a tariff increases the profits of foreign producers. The politics behind tariff protection suggests that, other things equal, tariffs are more likely to be imposed when the: a. benefits to producers and their labor forces are spread nationwide b. losses to consumers are concentrated on specific firms and states. Which of the following arguments for trade protection is based on the premise that a nation should have a wide enough range of domestic industries to be self-sufficient if necessary? D. U.S. consumers lose more from tariffs than U.S. producers gain. Ceteris paribus (other things being equal), a tariff will decrease the trade deficit (or increase the trade surplus). Main Menu. C. superior to an import quota for Americans because a tariff generates revenue for the United States Treasury. A high tariff on imported good X might reduce domestic employment in industry Y if: A. X is an input used domestically in producing Y. More “fake” news. India has many businessmen and politicians who, openly or tacitly, want a protectionist ‘India First’ policy similar to Trump’s ‘America First’ approach. An excise tax on an imported good that is not produced domestically is called a: Excise taxes on imported goods that help shield domestic producers of the good are called: Country A limits other nation's exports to Country A to 1,000 tons of coal annually. Tariff is a tax on imports, which is collected by the federal government and which raises the price of the good to the consumer. If a tariff is placed on watches, the price of both domestic and imported watches will rise by the amount of the tariff. 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