Suppose the United States eliminates its tariff on ball bearings used in producing exports. Ball bearing prices in the United States would be expected to
A) increase, and the foreign demand for U.S. exports would increase.
B) decrease, and the foreign demand for U.S. exports would increase.
C) increase, and the foreign demand for U.S. exports would decrease.
D) decrease, and the foreign demand for U.S. exports would decrease.
E) decrease, and the foreign demand would be unchanged.
Question 2
Japan's trade policies with regard to rice reflect the fact that
A) japanese rice farmers have significant political power.
B) Japan has a comparative advantage in rice production and therefore exports most of its rice crop.
C) there would be no gains from trade available to Japan if it engaged in free trade in rice.
D) there are gains from trade that Japan captures by engaging in free trade in rice.
E) Japan imports most of the rice consumed in the country.
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