A major difference between a tariff and a quota is that a tariffSelect one:a. Can easily be rescinded, but a quota cannot.b. Will reduce imports, however a quota usually will not.c. Frequently generates taxes revenue, if a quota walk not. D. Will mitigate the capacity of foreigners to acquire the purchasing strength to buy a nation"s violin goods, yet a quota will not influence the foreign demand for the nation"s exports.

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A tariff can be characterized simply together aSelect one:a. Tax on exports.b. Legal border on exports.c. Legal limit on imports.d. Tax on imports.
An rise in the tariff top top foreign-produced automobiles would certainly most likely helpSelect one:a. Consumers looking for options to residential automobiles.b. Steel producers the sell many of their calculation to international producers that automobiles.c. Employees in the foreign car industry.d. The residential producers of automobiles
Compared come a no-trade situation, if Italy imported wine,Select one:a. Domestic wine manufacturing in Italy would expand.b. Italian wine producer would increase their profits.c. Italian wine producer would increase their prices.d. The price of residential Italian wine would certainly decline.
Dumping isSelect one:a. The sale of a great by a foreign supplier in an additional country at a price listed below that charged by the providers in its house market. B. One inappropriate method for acquiring rid of byproducts indigenous a manufacturing process.c. A an approach to increase competitiveness in a market.d. Every one of the above.e. Both a and also c above.
the sale of a great by a foreign supplier in one more country at a price listed below that fee by the supplier in its house market.
If a country enables trade and, because that a specific good, the residential price without trade is reduced than the world price,Select one:a. The nation will be neither an exporter nor an importer the the good.b. Added information is needed about demand to recognize whether the nation will it is in an exporter the the good, an importer of the good, or neither.c. The country will be an importer the the good.d. The country will be an exporter that the good.
If the United claims imports low-cost goods developed in low-wage countries instead of developing the goods domestically,Select one:a. Dollars that leave the United says will not return to buy goods produced by high-wage American workers.b. The availability of intake goods in the United says will it is in reduced.c. The United claims will gain, and domestic resources will it is in employed much more productively. D. The United states will incur a network loss of full jobs.
In recent years, the largest trading partners of the joined States have beenSelect one:a. Canada, Brazil, Argentina, and also Chile.b. Germany, France, Spain, and the united Kingdom.c. Canada, Mexico, China, and also Japan. D. Russia, Venezuela, Saudi Arabia, and also Indonesia.
International trade does every the adhering to exceptSelect one:a. Reduce civilization output. B. Increase people output.c. Permit a nation to specialization in producing details goods and also services.d. Permit a country to move to greater consumption levels.
Opportunity costs differ amongst nations mainly becauseSelect one:a. Work-leisure choices vary considerably from one nation to another.b. Countries have different political institutions.c. Nations employ different currencies.d. Countries have various endowments that land, job skills, capital, and also technology.
The agreement of the joined States, Canada, and Mexico to eliminate tariffs on the shipment of many products amongst the three nations is dubbed theSelect one:a. Tariff palliation Act of 1993.b. Uruguay Round.c. General agreement on Tariffs and also Trade.d. North American complimentary Trade Agreement.
The complying with table indicates the production possibilities that cars and also clothing every worker day in the united States and Japan systems of calculation per Worker work joined States. JapanCars 5 4Clothing 2 2which the the following is truea. Shared gains indigenous trade can be realized if the joined States devoted in apparel production and Japan in vehicle production.b. Joint output would certainly be maximized if the unified States devoted in developing cars and also Japan in creating clothing. C. The Japanese room the high-cost producer of both cars and clothing.d. No gains indigenous trade room possible.
Joint output would certainly be maximized if the unified States dedicated in developing cars and Japan in creating clothing.
The infant-industry argument about tariffs implies thatSelect one:a. Long-term tariffs need to be levied ~ above foreign products that complete with those created by newly established domestic industries.b. If a newly established domestic industry can survive in the brief run, a tariff should be levied to safeguard it from international competition in the long run.c. It is unfair to levy tariffs on items intended for usage by infants.d. Tariffs should be levied on foreign assets that compete with new domestic markets only in the short run.
tariffs must be levied top top foreign products that compete with brand-new domestic sectors only in the short run.
The legislation of comparative benefit explains why a country will advantage from profession whenSelect one:a. It exports much more than that imports.b. That exports products for which the is a high-opportunity expense producer, while importing those because that which it is a low-opportunity cost producer.c. Its trading partners space experiencing offsetting losses.d. It exports products for which it is a low-opportunity price producer, when importing those because that which that is a high-opportunity expense producer.
it exports products for which the is a low-opportunity cost producer, when importing those for which the is a high-opportunity expense producer.
Comparative benefit - the ability to produce a an excellent at a lower opportunity expense than otherscan create it• Absolute advantage - case in i m sorry a nation, as a an outcome of that previous suffer ornatural endowments deserve to produce an ext of a good (with the very same amount the resources) thananother country can
In enhancement to gains from specialization in locations of compare advantage, worldwide trade additionally leadsto benefit from:
Economies of Scale:International trade permits both domestic producers and also consumers to gain fromreductions in per-unit expenses that often accompany large-scale production, marketing,and distribution.• more Competitive Markets:International profession promotes competition in residential markets and enables consumers topurchase a broader variety of goods at economic prices.

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specific limit or maximum quantity (or value) of great permitted to it is in imported come acountry in a provided period
National defense argument:o residential industry is essential for national defense purposes. Dumping:o the sale of goods abroad in ~ a price listed below the cost of manufacturing (and listed below thedomestic sector price the the exporting nation). Dumping is illegal under U.S. Law. Infant sector argument:o new industry needs protection so it deserve to mature. "Protectionism is a politician"s delight because it it is provided visible services to the protected parties when imposing the expenses as a covert tax top top the public." —Murray L. Weidenbaumo The one-of-a-kind interest impact provides the major explanation for profession restrictions.