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Arnold Economics 30
Economics by Arnold Chapter 30
| Question | Answer |
|---|---|
| ___ means that the economic party is the low cost producer of a good. | Comparative Advantage |
| Net gains from exchange to the consumer. | Consumer Surplus |
| Net gains from exchange to the producer. | Producer Surplus |
| Maximum price the buyer is willing to pay - the price the buyer actually pays. | Consumer Surplus |
| The price the seller actually receives - the minimum price the seller is willing to accept. | Producer Surplus |
| A ____ is tax on imports. | Tariff |
| A ____ is a limit on the quantity of a good allowed to imported into a country. | Quota |
| _____ is the sale of a good below its production cost or below its price in its country of origin. | Dumping |
| Who in the domestic country losses from the imposition of an import tariff? | Domestic consumers |
| Who in the domestic country gains from the imposition of an import tariff? | Domestic sellers and the Domestic government (taxpayers) |
| True or False: An import tariff results in a net gain to the economy. | False |
| Name of the international trade organization whose objective is to promote trade. | World Trade Organization (WTO) |
Created by:
bscollier
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