PP Presentation
Chapter 22 -- Review
1. What has happened to the U.S. balance of payments in the past twenty years?
2. How are the concepts of opportunity cost and comparative advantage related?
3. Would it be worthwhile for a country to trade if it had an absolute advantage in producing everything?
4. Explain the impact of tariffs on imports.
5. Who benefits and who loses from tariffs?
6. Why are quota's used rather than tariffs in many cases?
7. What is dumping?