P COUNTRY 1 25 20 15 10 5 d1 EQ 0 0 3 6 9 1215182124 s1 SP IP INTERNATIONAL MARKET P 25 20 15 10 5 0 0 3 6 9 1215182124 Under open trade, who will gain and who will lose in country 2? O a) consumers gain and producers lose. b) producers gain and consumers lose. O c) both producers and consumers lose. O d) the poor lose and the rich gain. S2 S1 -IP D2 D1 25 P s2 20 15 10 5 d2 0 0 3 6 9 1215182124 Q IP
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- What factors does Paul Krugman identity that supported expanding international trade in the 1800s?Homework (Ch 09) Q Search th The following graph shows the domestic supply of and demand for maize in Panama. The world price (Pw) of maize is $270 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount dermanded by any one country does not affect the world price of maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Domestic Demand Domestic Supply 450 430 410 300 370 350 330 260 270 PRICE (Dollars per ton)True/False - One of the primary reasons that President Clinton provided a loan guarantee for Mexico worth $20 billion is because Mexico was an important trading partner. O True O False Show Transcribed Text Who benefits from an import tariff? the government O everyone O consumers O foreign producers Show Transcribed Text O True 3 True/False - Tariffs are generally pro-consumer and anti-producer. False Ĉ
- 140 120 100 80 60 60 40 20 0 0 500 1000 Ps 1500 Pd 2000 2500 Refer to the above Figure. Suppose the free-trade price equals $75. Also, assume an export subsidy of $10. What would be the amount of exports after the subsidy? O O O O 700 1700 1200 1000Question & Use the table to answer the question. Apples Bananas Country A Country B 800 500 O a O b Ос Od 1500 If all resources of Country A and Country B were dedicated toward the production of either apples or bananas, the maximum production of each is summarized in the table above. In order for both countries to benefit from trade, which country should specialize in banana productio and why? 1600 Review Answers Country A since it has the absolute advantage in banana production. Country A since it has the comparative advantage in banana production. Country B since it has the comparative advantage in banana production. Country B since it has the absolute advantage in banana production. Saved at 8:09 am Support | Schoology Blog | PRIVACY POLICY | Terms ofWhen a country allows trade and becomes an exporter of a good, which of the following is NOT a consequence? O The gains of domestic producers of the good exceed the losses of domestic consumers of the good. O The price paid by domestic consumers of the good increases. O The price received by domestic producers of the good increases. O The losses of domestic consumers of the good exceed the gains of domestic producers of the good. 20 O w MacBook esc ODO D00 F4 F2 F3 F6 $ % 4 Q W E R Jock F # 3 A
- a) Suppose the two countries engage in international trade, and that the international relativeprice of good (T) is 3 tons of good (D). Can there be mutually beneficial international tradebetween the two countries? If so, which are the patterns of comparative advantage, ofproduction and consumption, of exports and imports between the two countries? What arethe gains from trade for each country? b)International market Country 2 Country 1 s2 S2 25 25 25 20 20 20 S1 15 15 15 s1 EIP IP IP 10 10 10 5 D2 d2 d1 Q SD1 0- 0 3 69 1215182124 O 0 3 6 9 1215182124Q 0369 1215182124 Q 18. What is the net welfare gain from trade to the economies of both countries together? (hint: the formula for calculating the area of a triangle is 1/2 times the base times the height) 6. 9. 13.5 33.75 P. P.Givenw: (1) two nations (1 and 2) which have the sametechnology but different factor endowments and tastes, (2)two commodities (X and Y) produced under increasingcosts conditions and (3) no transportation costs, tariffs orother obstructions to trade.Prove geometrically that mutually advantageous tradebetween the two nations is possible.Note: Your answer should show the autarky (no-trade) andfree-trade points of production and consumption for eachnation, show gains from trade of each nation and expressthe equilibrium condition that should prevail when trade Stop equilibrum
- 2) Figure below illustrates the steel market for Mexico, assumed to be a "small" coantry that is unable to affect the world price. Suppose the world price of steel is given and constant at $200 per ton. Now suppose the Mexican steel industry is able to obtain trade protection. Mexican producers' supply with and without subsidy are also provided. Figure: Mexico's Steel Trade with and w/o non-tariff barriers 1000 800 SM o subi 600 Su am ra 400 200 Ou 2 10 Tons of d) Suppose the Mexican govemment provides a subsidy of $200 per ton to its steel producers, as indicated by the supply schedule Sa jwth esbedyl. The quantity of imports is tons. e) Suppose the Mexican govemment provides a subsidy of $200 per ton to its steel producers, as indicated by the supply schedule Sa jwith eubrdyi. The overall deadweight welfare loss to Mexico equals $2) Figure below illustrates the steel market for Mexico, assumed to be a "small" coantry that is unable to affect the world price. Suppose the world price of steel is given and constant at $200 per ton. Now suppose the Mexican steel industry is able to obtain trade protection. Mexican producers' supply with and without subsidy are also provided. Figure: Mexico's Steel Trade with and w/o non-tariff barriers 1000 800 SM o subi 600 Su am ra 400 200 Du 10 Tons at Steel a) Consider the above figure. With free trade, Mexico imports steel at a quantity of b) Consider the above figure. With free trade, Mexico's consumer surplus and producer surplus will respectively equal to: $ c) Assume that the Mexican govemment imposes an import quota equal to 2 tons of steel. If foreign exporters behave as monopoly buyers and Mexican importers behave as competitive sellers, the overall welfare loss of the quota to Mexico equals to $ tons. and $Suppose there is a policy debate regarding the United States' imposing trade restrictions on imported tires. Read the following scenario and answer the question that follows. The president of the United States argues that the United States should threaten to impose a tariff on Chinese tires in order to induce the Chinese to remove its tariff on American cars. Which of the following justifications is the president using to argue for the trade restriction on tires? O Jobs argument O Unfair-competition argument O National-security argument O Using-protection-as-a-bargaining-chip argument O Infant-industry argument