the trading principle formulated by adam smith maintained that:
unlike adam smith, david ricardo’s trading principle emphasizes the:
when a nation requires fewer resources than another nation to produce a product, the nation is said to have a(n):
in a two-product, two-country world, international trade can lead to increases in:
if the international terms of trade settle at a level that is between each country’s opportunity cost:
use the data in table 2.1 to answer questions 7–10. table 2.1 output possibilities for country a and country b output per worker per day country tons of steel vcrs a 80 40 b 20 20 refer to table 2.1. the opportunity cost of one vcr in b is:
refer to table 2.1. the opportunity cost of one vcr in a is:
refer to table 2.1. according to the principle of comparative advantage：
refer to table 2.1. with international trade, what would be the maximum number of vcrs that b would be willing to export to a in exchange for each ton of steel?
the imposition of tariffs on imports results in deadweight welfare losses for the home economy. these losses consist of the:
suppose that the united states eliminates its tariff on steel imports, permitting foreign-produced steel to enter the u.s. market. steel prices to u.s. consumers would be expected to:
when a government allows raw materials and other intermediate products to enter a country duty free, its tariff policy generally results in a:
of the many arguments in favor of tariffs, the one that has enjoyed the most significant economic justification has been the:
the redistribution effect of an import tariff is the transfer of income from the domestic:
which of the following is true concerning a specific tariff?
the principal benefit of tariff protection goes to:
which of the following policies permits a specified quantity of goods to be imported at one tariff rate and applies a higher tariff rate to imports above this quantity?
when the production of a commodity does not utilize imported inputs, the effective tariff rate on the commodity:
should the home country be "large" relative to the world, its imposition of a tariff on imports would lead to an increase in domestic welfare if the terms-of-trade effect exceeds the sum of the:
should canada impose a tariff on imports, one would expect canada's:
answer the following true/false questions a specific tariff is a per-unit duty, while an ad valorem tariff is a duty that is a percentage of the value of the imported good.
answer the following true/false question a tariff on imported tractors helps u.s. consumers of tractors and hurts u.s. producers of tractors.