Macroeconomics Chapter 9 Exam Solution Manual Already Passed
a limit on the quantity of tires that can be imported from a foreign country - Answers Which of the following is the best example of a quota?
Protection lessens the need for firms to become productive enough to compete with foreign fir...
a limit on the quantity of tires that can be imported from a foreign country - Answers Which of the
following is the best example of a quota?
Protection lessens the need for firms to become productive enough to compete with foreign firms; this
often results in infant industries never "growing up." - Answers Economists believe the most persuasive
argument for protectionism is to protect infant industries. But the argument has a drawback. What is
this drawback?
a voluntary export restraint. - Answers An agreement negotiated by two countries that places a
numerical limit on the quantity of a good that can be imported by one country from another country is
called
Linda has a comparative advantage in dog bathing. - Answers Linda
60 (Bathing)
20 (Grooming)
Sandy
50 (Bathing)
25 (Grooming)
Linda and Sandy own The Preppy Puppy, a dog grooming business. Table 9-1 lists the number of dogs
Linda and Sandy can each bathe and groom in one week.
Refer to Table 9-1. Select the statement that accurately interprets the data in the table.
a limit set by the Korean government on the number of cell phones that the United States can import
from Korea - Answers Which of the following is the best example of a voluntary export restraint?
Tina has an absolute advantage in making candles. - Answers
Bryce
150 (Candles)
450 (Soap)
Tina
200 (Candles)
450 (Soap)
, Bryce and Tina are artisans who produce homemade candles and soap. Table 9-3 lists the number of
candles and bars of soap Bryce and Tina can each produce in one month.
Refer to Table 9-3. Select the statement that accurately interprets the data in the table.
a $150 fee imposed on all imported residential air conditioners - Answers Which of the following is the
best example of a tariff?
manufacturers who export to Canada. - Answers Suppose that American firms claim that protectionism
in Canada is on the rise as the Canadian government attempts to protect its infant industries. This
protectionism will cause the greatest harm to
Sarita has an absolute advantage in baking pies and cakes. - Answers
Sarita
15 (Pies)
25 (Cakes)
Gabriel
12 (Pies)
16 (Cakes)
Sarita and Gabriel own S&G Bakery. Table 9-2 lists the number of pies and cakes Sarita and Gabriel can
each bake in one day.
Refer to Table 9-2. Select the statement that accurately interprets the data in the table.
at the lowest opportunity cost. - Answers Many economists support trade agreements, maintaining that
the agreements improve economic efficiency because they result in goods being produced
imports - Answers Goods and services bought domestically but produced in other countries are referred
to as
voluntary export restraints - Answers In order to avoid the imposition of other types of trade barriers,
foreign producers will sometimes agree to limit their exports to a country. What are these types of
agreements called?
$30 - Answers Figure 9-4 shows the U.S. demand and supply for leather footwear.
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