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    If the Korean steel industry subsidizes the steel that it sells to the United States, the a. harm done to the U.S. steel producers is less than the benefit that accrues to U.S. consumers of steel. b.

    Answer to: If the Korean steel industry subsidizes the steel that it sells to the United States, the a. harm done to the U.S. steel producers is...

    Fiscal policy

    If the Korean steel industry subsidizes the steel that it sells to the United States, the a. harm...

    If the Korean steel industry subsidizes the steel that it sells to the United States, the a. harm... Question:

    If the Korean steel industry subsidizes the steel that it sells to the United States, the

    a. harm done to the U.S. steel producers is less than the benefit that accrues to U.S. consumers of steel.

    b. United States should protect its domestic steel industry from this unfair competition.

    c. United States should subsidize the products it sells to Korea.

    d. harm done to the U.S. steel producers from this unfair competition exceeds the gain to the U.S. consumers of cheap Korean steel.

    Tariffs:

    Tariff is another name for an import or customs duty. It is an important concept in the theory of international trade. Compound tariff is an advalorem tariff alongwith a specific tariff. A specific tariff is a particular rate of nominal tariff imposed on a good.

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    Learn more about this topic:

    Protective Tariffs: Definition & Explanation

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    Chapter 20 / Lesson 13

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    Many countries have established protective tariffs to protect their own industries against low-priced products from foreign countries. Learn the definition of protective tariffs, why they are in place, and real-world examples of them.

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    econ quiz 9 Flashcards

    Start studying econ quiz 9. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

    econ quiz 9

    In analyzing international trade, we often focus on a country whose economy is small relative to the rest of the world. We do so

    Click card to see definition 👆

    because then we can assume that world prices of goods are unaffected by that country's participation in international trade.

    Click again to see term 👆

    Suppose Brazil has an absolute advantage over other countries in producing almonds, but other countries have a comparative advantage over Brazil in producing almonds. If trade in almonds is allowed, Brazil

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    will import almonds.

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    1/10 Created by leon_smith23

    Terms in this set (10)

    In analyzing international trade, we often focus on a country whose economy is small relative to the rest of the world. We do so

    because then we can assume that world prices of goods are unaffected by that country's participation in international trade.

    Suppose Brazil has an absolute advantage over other countries in producing almonds, but other countries have a comparative advantage over Brazil in producing almonds. If trade in almonds is allowed, Brazil

    will import almonds.

    An important factor in the decline of the U.S. textile industry over the past 100 or so years is

    foreign competitors that can produce quality textile goods at low cost.

    For a country that is considering the adoption of either a tariff or an import quota on a particular good, an important difference is that

    a tariff raises revenue for that country's government, while an import quota does not.

    For any country, if the world price of copper is lower than the domestic price of copper without trade, that country should

    import copper

    One should be especially wary of the national-security argument for restricting trade when that argument is made by

    representatives of industry.

    A tariff is a

    tax on an imported good.

    Suppose Russia exports sunflower seeds to Ireland and imports coffee from Brazil. This situation suggests

    Russia has a comparative advantage over Ireland in producing sunflower seeds, and Brazil has a comparative advantage over Russia in producing coffee.

    If the Korean steel industry subsidizes the steel that it sells to the United States, the

    harm done to U.S. steel producers is less than the benefit that accrues to U.S. consumers of steel.

    A country has a comparative advantage in a product if the world price is

    higher than that country's domestic price without trade.

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