The table below shows the payments received from foreigners by the residents of the US and the payments made to foreigners by US residents during a certain year, measured in billions of dollars Payments from Foreigners Payments to Foreigners Trade in goods and services $2,612 $2,713 Factor payments Transfer $802 $621 $128 $289 Payments
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- A6 Import tariff on a manufactured product in a country Y equals 15 % while tariff on imported raw materials to produce such a product is 2%. In price of the final product, value of imported raw materials makes up 50%. Calculate the effective rate of protection for domestic manufacturing in the country Y.How can authorities of a country effectively limit the import quantities in a country1._______ The total value of a nation’s exports minus thetotal value of its imports over some period of time.2._______ The ability to produce a specific product moreefficiently than any other nation.3._______ Selling and shipping raw materials or products toother nations.4._______ The ability to produce a specific product moreefficiently than any other product.5._______ All business activities that involve exchangesacross national boundaries.6._______ The total flow of money into a country minus thetotal flow of money out of that country over thesame period of time.7._______ A tax levied on a particular foreign product entering a country.8._______ A complete halt to trading with a particular nationor in a particular product.9._______ An international barter transaction.10. _______ An internationally supported bank that providesloans to developing countries to help them grow.a. countertradeb. foreign exchange controlc. multilateral development bank (MDB)d. absolute advantagee. import…
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- Cooperton and Denalla each produce two products; pots and pens. The table shows the productlon possibilitles for each country. Cooperton Denalia Pots Pens Pots Pens 6,000 4,500 100 4,000 50 3,000 200 2,000 100 1,500 300 200 Which of the following terms of trade would be beneficlal for both countries? O 1 pot trades for 25 pens O 1 pen trades for 1/18 of a pot 1 pot trades for 15 pens O 1 pen trades for 1/22 of a potTariffs have mixed implications for citizens depending on their industry and position within it. Thepoor are disproportionally impacted by tariffs as they are considered economically regressive. amongthe arguments for trade barriers are job creation, protection against cheap foreign labor, fairness in trade, maintenance of the domestic standard of living, equalization of production costs, infant-industry argument, and various non-economic arguments. Tariff-related gains for America are a complex issue. Discuss the effective rate of tariff protection and the process of tariff escalation? Explain how a tariff affects the welfare of a small importing country and a large importingcountry?Display graphically changes in the value of domestic currency, if a foreign government imposes tariffs on some kind of domestic goodsv