Question

13) 4 important difference between tarifls and quotas is that tariffs 1A) raise the price of the good B) generate tax revenue for the government C) help domestic producers D) stimulate international trade E) None of the above. 14) The main redistribution effect of a tariff is the transfer of income from 14) A) domestic buyers to domestic producers. B) domestic producers to domestic government. C) domestic government to domestic consumers. D) domestic producers to domestic buyers. E) None of the above. 15) A lower tariff on imported steel would most likely benefit A) foreign producers at the expense of domestic consumers. B) workers in the steel industry. C) domestic manufacturers of steel. D) domestic consumers of steel. E) None of the above. TRUE/FALSE. Write 'T if the statement is true and 'F' if the statement is false. 2 points each: 16) A capital-intensive good is one with a low K/L ratio. 17) The factor-proportions theory predicts that the pattern of trade is determined 17) mostly by country differences in factor endowments. 18) International trade impacts the economy by changing its industrial structure. 18)T 19) The Stopler-Samuelson theorem gives us an explanation for why certain groups 19) in a society are opposed to free trade 20) International trade tends to raise the amount of national income received by the 20) abundant factor of production. 21) If every country specializes in what it produces best, more goods will be produced than if each country tries to produce everything for its own needs 22) Imposing tariffs can increase the overall level of employment for a country. 23) 22) Free trade is worse than protection for a small country. 23)-다- 24) The dead-weight loss of a tariff equals the sum of the net changes in consumer 24) and producer surplus. 25) World output will be maximized when each country produces according to its 25) comparative advantage.

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Answer 1

13. B

Explanation: Tariffs is the taxes imposed on imports. So, tariffs increase government revenue.

14.Option A

Explanation: domestic buyers need to pay extra for the goods but domestic producers get a higher price.

15. Option D

Explanation: The lower tariff would lower the price of imported steel so the domestic consumers would pay less.