ch 7 quiz econ

A + B + C + D
A
B
C + D

The diagram below shows the actual statistics for the U.S. sugar market in? 2016, reflecting a quota of 6.7 billion pounds placed on U.S. imports. Complete the table below illustrating the welfare effects of this quota
Loss of Consumer Surplus
?=_________

is the ability of an? individual, a? firm, or a country to produce a good or service at a lower opportunity cost than competitors.

Comparative advantage

one of the largest exporters
less important

The United States is
_________________
in the world. International trade remains
______________
to the United States than it is to most other countries.

is selling a product for a price below its cost of production.

Dumping

not all goods and services are traded? internationally, production of most goods involves increasing opportunity? costs, and tastes for products differ.

We do not see complete specialization in the real world because

C and D.

As illustrated in the diagram to the? right, when a nation moves from autarky to free? trade, economic surplus increases by the areas represented by

?Autarky, terms of trade

?_____ is a situation in which a country does not trade with other countries. The? _____ is the ratio at which a country can trade its exports for imports from other countries.

.
D.
all of the above. is the answer!!!!!!
shifting production to the more efficient countrylong dashthe one with the comparative advantagelong dashincreases total production.
B.
inefficiencies in resource allocation are reduced.
C.
world production of bo

By? trading, countries are able to consume more than they could without trade. This outcome is possible because