The concern that certain key domestic industries need to be protected with trade barriers is an...
The concern that certain key domestic industries need to be protected with trade barriers is an argument centered on
| a. |
infant industries. |
|
| b. |
antidumping. |
|
| c. |
national defense. |
|
| d. |
domestic employment. |
Homework Answers
Answer : a) infant industry
The infant industry argument is an economic rationale for trade protectionism. The core of the argument is that nascent industries often do not have the economies of scale that their older competitors from other countries may have, and thus need to be protected until they can attain similar economies of scale.
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The concern that certain key domestic industries need to be
protected with trade barriers is an...
The ratio of the prices of exported goods to the prices of imported goods is known...
The ratio of the prices of exported goods to the prices of imported goods is known as the: A. international inflation rate. B. terms of trade. C. price differential. D. ratio of advantage. Which statement is correct? A. Tariffs encourage international trade. B. There are both winners and losers from international trade. C. International trade lowers global production. D. It is always in the producers' interest to open borders to trade. Which statement is NOT an argument against free trade?...
The infant industry argument contends that countries should impose trade barriers (such as tariffs) in order...
The infant industry argument contends that countries should impose trade barriers (such as tariffs) in order to protect new industries. The logic is that, while domestic countries within a particular industry may not be competitive with foreign producers now, they will be within a few years as companies develop more experience and technology. There are successful examples of this (Toyota was an infant immediately after WWII) and unsuccessful examples of this (the Malaysian car industry comes to mind). Should countries...
4) Which of the following is NOT a concern that drives activists to oppose free trade?...
4) Which of the following is NOT a concern that drives activists to oppose free trade? A) the protection of domestic industries B) the promotion of national security C) the protection of the global environment D) the promotion of global economic development
Which of the following are reasons given in support of trade barriers? Choose one or more:...
Which of the following are reasons given in support of trade barriers? Choose one or more: A. stabilizing the interest rate B. protecting infant industries C. regulating natural monopolies D. preserving national security E. fighting against dumping of goods by foreign suppliers F. lowering prices for U.S. consumers
Question 12 Suppose a South Korean company wishes to produce motorcycles, but faces difficult competition from...
Question 12 Suppose a South Korean company wishes to produce motorcycles, but faces difficult competition from imported motorcycles from Japan, which has a very mature and efficient motorcycle industry. What type of trade protectionism might the South Korean company seek? a. antidumping duties b. countervailing duties c. tariffs based on national defense d. tariffs based on infant industry protection 3.33 points Question 13 To qualify for trade protectionism measures to combat antidumping, the imported products must a. be produced by...
Please explain why. Scenario 9-1 The before-trade domestic price of peaches in the United States is...
Please explain why.
Scenario 9-1 The before-trade domestic price of peaches in the United States is $40 per bushel. The world price of peaches is $52 per bushel. The U.S. is a price-taker in the market for peaches. 30. Refer to Scenario 9-1. If trade in peaches is allowed, the price of peaches in the United States will increase, and this will cause consumer surplus to decrease b. will decrease, and this will cause consumer surplus to increase. will be...
QUESTION 17 When we look at tariffs and quotas, 0 a. domestic producers are indifferent between...
QUESTION 17 When we look at tariffs and quotas, 0 a. domestic producers are indifferent between an equivalent tariff or quota being imposed O b. domestic producers would prefer quotas over tariffs 0 c, domestic producers would prefer tariffs over quotas. O d. foreign producers would prefer tariffs over quotas. QUESTION 18 Which of the following are reasons given for trade barriers? 0 a. interest rate stability O b. National defense Oc.consumer protection O d. natural monopolies QUESTION 19 Which...
MATCHING Match the key terms with the descriptions. Goods or services produced in another country and...
MATCHING Match the key terms with the descriptions. Goods or services produced in another country and bought in the United States. Goods or services produced in the United States and sold to someone in another country. Imports exceed exports. Exports exceed imports. Being able to produce using fewer resources Being able to produce incurring less opportunity costs. The absence of trade restrictions. A tax on imports. An absolute limit on imports of certain products. An argument for trade restrictions that...
Some of the forces working against freer global trade are: a. industries that are at a...
Some of the forces working against freer global trade are: a. industries that are at a comparative advantage b. bi-lateral trade agreements c. the support of environmental and labor groups d. strategic trade policy by national governments (select all that apply)
2. A binding price floor A. has no effect B. creates a permanent surplus C. creates a temporary surplus...
2. A binding price floor
A.
has no effect
B.
creates a permanent surplus
C.
creates a temporary surplus
D.
creates a permanent shortage
3. Protection of a new industry until it becomes strong enough
to compete with foreign producers is based on the argument of
A.
infant industries.
B.
government revenue creation.
C.
reciprocity.
D.
creation of a level playing field.
E.
national defense.
4. Economists prefer tariffs to free trade since tariffs do not
have a deadweight loss....
The infant industry argument contends that countries should impose trade barriers (such as tariffs) in order to protect new industries. The logic is that, while domestic countries within a particular industry may not be competitive with foreign producers now, they will be within a few years as companies develop more experience and technology. There are successful examples of this (Toyota was an infant immediately after WWII) and unsuccessful examples of this (the Malaysian car industry comes to mind). Should countries...
4) Which of the following is NOT a concern that drives activists to oppose free trade? A) the protection of domestic industries B) the promotion of national security C) the protection of the global environment D) the promotion of global economic development
Please explain why.
Scenario 9-1 The before-trade domestic price of peaches in the United States is $40 per bushel. The world price of peaches is $52 per bushel. The U.S. is a price-taker in the market for peaches. 30. Refer to Scenario 9-1. If trade in peaches is allowed, the price of peaches in the United States will increase, and this will cause consumer surplus to decrease b. will decrease, and this will cause consumer surplus to increase. will be...
QUESTION 17 When we look at tariffs and quotas, 0 a. domestic producers are indifferent between an equivalent tariff or quota being imposed O b. domestic producers would prefer quotas over tariffs 0 c, domestic producers would prefer tariffs over quotas. O d. foreign producers would prefer tariffs over quotas. QUESTION 18 Which of the following are reasons given for trade barriers? 0 a. interest rate stability O b. National defense Oc.consumer protection O d. natural monopolies QUESTION 19 Which...
MATCHING Match the key terms with the descriptions. Goods or services produced in another country and bought in the United States. Goods or services produced in the United States and sold to someone in another country. Imports exceed exports. Exports exceed imports. Being able to produce using fewer resources Being able to produce incurring less opportunity costs. The absence of trade restrictions. A tax on imports. An absolute limit on imports of certain products. An argument for trade restrictions that...
2. A binding price floor
A.
has no effect
B.
creates a permanent surplus
C.
creates a temporary surplus
D.
creates a permanent shortage
3. Protection of a new industry until it becomes strong enough
to compete with foreign producers is based on the argument of
A.
infant industries.
B.
government revenue creation.
C.
reciprocity.
D.
creation of a level playing field.
E.
national defense.
4. Economists prefer tariffs to free trade since tariffs do not
have a deadweight loss....
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