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Economics
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11 Dec 2019

The world trade organization

a. advocates for protection of domestic industries against cheap imports

b.is an ecoterrorist group

c.enforces intertnational trade agreemetns

d. protects workers against exploitation of large multinational corporations

e. protects consumers agaisnt exploitation of larege multicultural croproations

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12 Dec 2019
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Related questions

2. Which of the following is not used as an argument for trade restrictions?

a. Emerging domestic industries, especially those with economies of scale, could not gain entry in some world markets without protection during the early years

b. Trade restrictions are required to prevent some countries from exporting a commodity at a price below its cost of production.

c. Consumer surplus is maximized when import tariffs and quotas promote exports over imports.

Question One feature of the U.S. and other nominally free market capitalist economies are constant calls for government to interfere in the operation of the market.

These proposed intrusions take many forms--taxes, regulations, restrictions on trade, quotas, and banning production, trade and consumption of selected goods.

Pick all that apply to the question

1 In the case of international trade, removing restrictions on imports, e.g. tariffs and trade bans, would make consumers better off by lowering prices..

2 In the case of international trade, removing restrictions on imports, e.g. tarriffs and trade bans, the gain to consumers far outweighs the loss to selected domestic workers and producers leaving the general population better off overall.

3 In the case of international trade, removing restrictions on imports, e.g. tariffs and trade bans, would make owners and workers at firms competing with imports worse off.

4 None of the answers are correct.

5 In the case of international trade, restrictions on imports, e.g. tariffs and trade bans, are an example where eliminating those restrictions would create a large benefit to the general population and a small loss to firms that would face competition from overseas firms.

The demand for computers in a certain country is given by D = 20000 รขย€ย“ 300P; where P is the price of a computer. Supply by domestic computers producers is S = 10000 + 100P.

(a) Assuming that the economy is closed, find the equilibrium price and production quantity of computers.

(b) The economy opens to trade. The world price of a computer is $20. Find the domestic quantities demanded and supplied and the quantity of imports or exports. Who will support the opening of the computer market to trade and who will oppose it?

(c) The government imposes a tariff of $1 per computer. Find the effects on domestic quantities demanded and supplied and on the quantity of imports or exports. Also find the tariff revenue collected by government. Who will support the imposition of tariff and who will oppose it?

(d) Suppose the government imposes an import quota of 1600 computers. Find the equilibrium price in the domestic computer market, as well as the quantities produced by domestic firms and purchased by domestic consumers.

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