- 9.1: What does the domestic price that prevailswithout international tra...
- 9.2: When does a country become an exporter of agood? An importer?
- 9.3: Draw the supply-and-demand diagram for animporting country. What is...
- 9.4: Describe what a tariff is and its economic effects
- 9.5: List five arguments often given to support traderestrictions. How d...
- 9.6: What is the difference between the unilateraland multilateral appro...
- 9.7: Senator Ernest Hollings once wrote thatconsumers do not benefit fro...
- 9.8: The nation of Textilia does not allow importsof clothing. In its eq...
- 9.9: China is a major producer of grains, such aswheat, corn, and rice. ...
- 9.10: Consider a country that imports a good fromabroad. For each of foll...
- 9.11: Kawmin is a small country that produces andconsumes jelly beans. Th...
- 9.12: Having rejected a tariff on textiles (a tax onimports), the preside...
- 9.13: Assume the United States is an importer oftelevisions and there are...
- 9.14: Consider a small country that exports steel.Suppose that a pro-trad...
Solutions for Chapter 9: Application: International Trade
Full solutions for Principles of Macroeconomics | 6th Edition
the ability to produce a good using fewer inputs than another producer
total revenue divided by the quantity sold
a situation in which exports equal imports
the theoretical separation of nominal and real variables
diminishing marginal product
the property whereby the marginal product of an input declines as the quantity of the input increases
input costs that do not require an outlay of money by the firm
something that induces a person to act
spending on capital equipment, inventories, and structures, including household purchases of new housing
a tax that is the same amount for every person
a situation in which a market left on its own fails to allocate resources efficiently
a legal maximum on the price at which a good can be sold
a person for whom another person, called the agent, is performing some act
the amount a seller is paid for a good minus the seller’s cost of providing it
total revenue minus total cost
the ability of an individual to own and exercise control over scarce resources
deposits that banks have received but have not loaned out
the manner in which the burden of a tax is shared among participants in a market
the market value of the inputs a firm uses in production
total revenue (in a market)
the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold
the idea that taxpayers with a greater ability to pay taxes should pay larger amounts