Finland, a small country, imposes a €60-per-ton specific tariff on imported steel. The current demand D for services of an exhaustible resource is given by the marginal revenue product (MRP).S 1 reflects the current marginal cost of extracting the resource, the prevailing interest rate, and expectations of future demand for the resource. Which of the following terms describes this practice?An import quota is different from a voluntary export restraint because:What is the main difference between a quota and a voluntary export restraint?In the 1980s, the United States used _________ to restrict imports of Japanese automobiles.In the 1980s,the United States negotiated a voluntary export agreement with Japan in which each Japanese auto producer voluntarily agreed to reduce the number of its automobiles exported to the United States. The export supply elasticities of avocados, bananas, and cherries are 1, 2, and 3, respectively. (Note: € is the symbol for the euro, a common currency used in 16 European countries, including Finland.) Suppose the Finnish government allows resource extraction that produces large quantities of oil. Economists call this a(n) ____ activity.Who collects quota rents when the government auctions quota licenses?One way to fairly distribute quotas, while getting revenue for the government, is to:Suppose a nation agrees to limit its own exports by imposing quotas on its own firms in order to keep revenue high, keep from breaking WTO rules, and pacify protectionist interests in the import nation.

the government’s utility is linear in the pro t share and the pro t share does not create distortions, whenever the rm extracts a non zero amount, the optimal solution for the 6. Consumer surplus is:We can measure producer and consumer surplus by looking at the supply and demand graphical representation.

As a result of trade,Norway's production falls to 50,000 board feet and its consumptionThe Home import demand curve is downward sloping because:If S = 1P represents a country's home supply curve and D = 100 - 1P represents its home demand curve, then the equilibrium price and quantity in autarky are:If S = 1P represents a country's home supply curve and D = 100 - 1P represents its home demand curve, then the equation representing its import demand curve is:Suppose that the equations S = 2P and D = 6 - P represent a small country's home supply and home demand curves. These are known as:What organization emerged from the GATT, starting January 1, 1995, with expanded responsibilities and global interaction?What is the MOST recent set of negotiations at WTO called?One feature of the GATT and now the WTO is that all member nations get the same treatment from their trading partners in terms of trade rules and restrictions. Land Economics 94:3, August 2018\r"The Role of Royalties in Resource Extraction Contracts" \rby Robert F. … Which of the following is NOT an exception to binding?Which of the following is NOT an important provision of GATT?China recently became a member of the World Trade Organization. When we measure economic growth, we are interested in how _______ the economy is growing.knowing how fast an economy is growing relative to population tells uswhether standards of living are rising or falling, on averageAllocating more resources toward capital goods means _____ consumption todayCompared to the United States, China has a much ________ fraction of GDP that goes to household consumptionThe change (in dollars) in real GDP per capita in Australia from 1700 to 2000 was $_______Employment would decline because U.S. workers could not compete with lower-wage Mexican WorkersGrowth was higher in the decade following NAFTA than in the decade preceding it.While some countries have experienced improvements in standards of living, there are a few countries that are subject to absolute poverty.The change (in dollars) in real GDP per capita in Germany from 1700 to 2000 was $_______The points on the production possibilities frontier show how we are allocating our ______ to the production of two different goods or services Finland, a small country, imposes a €60 per-tonSuppose that the free-trade price of a ton of steel is €500. Finland, a small country, imposes a €60 per-tonSuppose that the free-trade price of a ton of steel is €500. (Note: € is the symbol for the euro, a common currency used in 16 European countries, including Finland.) The United States recently levied tariffs on tires imported from what country?Import tariffs are ___________ on imports, and import quotas are ____________ on imports.An international conference in Bretton Woods, New Hampshire, in 1944 resulted in the formation of:Which organization acts as a forum for countries to come to agreement on trade policies and resolve trade policy disputes?The General Agreement on Tariffs and Trade focused on:Under the GATT framework, nations negotiated for up to six years, resulting in new trade agreements. This loss is the:When a tariff is imposed, there is always an additional loss.

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