16. If quotas on sugar were eliminated in the United States, domestic production
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16. If quotas on sugar were eliminated in the United States, domestic production of sugar would fal. Why is this a benefit in economic terms for the United States? I. Resources are freed up that could be used more efficiently elsewhere. II. It is beneficial because it allows foreign producers of sugar to earn income and thus those countries are better off III. U.S. consumers are able to enjoy increased consumer surplus because of the lower prices of imported sugar O I and II only I and III only O II and III only 1, 11, and 111 17. Which of the following is NOT an argument against international trade? O It is wrong to trade with nations that use child labor O International trade reduces the number of jobs in the united States. O International trade leads to lower prices for domestic consumers. Certain key industries should remain at "home" for the interest of national security. 18. Suppose a government is facing accusations of allowing domestic jobs to be lost to foreign labor in other countries. How can the government address these concerns? I. Governments can ensure that unemployment insurance and strong education programs exist to help workers retrain for new jobs. II, Governments can stress the importance of job creation in those industries that benefit from international trade, and encourage to he /fb creation in those indust tes importance of loo creain incnren, b creation in those industries . Governments can set up extensive trade restrictions to limit the impact of foreign firms on domestic production. O I only O II and III only O 1 and 11 only I, II, and III O both destroy jobs in the short run but increase the standard of living in the long run. O both create jobs in the short run but decrease the standard of living in the long run. O cannot continue to increase forever O are not very similar to each other 19. Technology and trade: 20. Consider the following two statements and select the best answerExplanation / Answer
Q 16 option 4. 1,2 and 3 all the three options showing the benefits of elimination of quota in United States. 1st point is the benefit of elimination because there is no welfare loss in the country. 2nd point is also the benefit because now there is no restriction for foreign country. 3rd point is also the benefit because quotas increases the price of the product for the consumers, after elimination of quota the product is available at the cheaper prices.
Q 17. Option 2 because International trade is the not at all the reason of reduces number of jobs in United States, as international trade leads to expansion in the economy so it's not decreases the number of jobs.
Q 18 Option 3 , 1 and 11 options shows the genuine concerns towards domestic job seekers, III point is not valid here because if government will use extensive trade policy then it will harm its economy only.
Q 19 option 4, technology and trade are not similar to each other they are significantly different from each other because technology is a variable that helps in economic activities like production and trade itself is a economic activity.
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