Graded Homework

• 1. Suppose Panama produces only two goods, bananas and hats. If Panama has a comparative advantage in bananas, a move toward free trade will __________ .

A. harm hat workers, benefit banana workers, but benefit the nation as a whole

B. harm hat workers, harm banana workers, but benefit the nation as a whole

C. benefit hat workers, harm banana workers, but harm the nation as a whole

D. benefit hat workers, harm banana workers, but benefit the nation as a whole

Question 2 of 20

5.0 Points

var selectedRadioButton686298;function uncheckRadioButtons686298(radioButton) {if (selectedRadioButton686298 != null) {selectedRadioButton686298.checked = false;}selectedRadioButton686298 = radioButton;selectedRadioButton686298.checked = true;} Import bans, import quotas, voluntary export restraints, and tariffs on goods all __________ .

A. increase equilibrium quantity and prices
B. decrease equilibrium quantity and prices
C. increase equilibrium quantities, but decrease prices
D. decrease equilibrium quantities, but increase prices
Question 3 of 20	5.0 Points

var selectedRadioButton686301;function uncheckRadioButtons686301(radioButton) {if (selectedRadioButton686301 != null) {selectedRadioButton686301.checked = false;}selectedRadioButton686301 = radioButton;selectedRadioButton686301.checked = true;} As a whole, nations are better off after trade and specialization because __________ .

A. nations can consume along their consumption possibilities curve, which is outside of their production possibilities curve

B. nations can consume along their consumption possibilities curve, which is inside of their production possibilities curve

C. nations can consume along their production possibilities curve, which is outside of their consumption possibilities curve

D. nations experience an inward shift of their production possibilities curve

Question 4 of 20

5.0 Points

var selectedRadioButton686302;function uncheckRadioButtons686302(radioButton) {if (selectedRadioButton686302 != null) {selectedRadioButton686302.checked = false;}selectedRadioButton686302 = radioButton;selectedRadioButton686302.checked = true;} Which of the following benefits from a quota or voluntary export restraint (VER.?

A. consumers

B. domestic producers

C. the government

D. all of the above

Question 5 of 20

5.0 Points

var selectedRadioButton686283;function uncheckRadioButtons686283(radioButton) {if (selectedRadioButton686283 != null) {selectedRadioButton686283.checked = false;}selectedRadioButton686283 = radioButton;selectedRadioButton686283.checked = true;} Which of the following situations will arise in the domestic market following the imposition of a tariff?  

A. imports decrease, domestic production increases, prices increase

B. imports increase, domestic production increases, prices increase

C. imports increase, domestic production decreases, prices decrease

D. imports decrease, domestic production increases, prices decrease