1. How would decreasing an import tariff on a good affect producer surplus in a nation that imports that good?
2. In international trade, what is a tariff?
3. What will occur if a nation opens itself to trade in a good and becomes an exporter?
4. In 2014, India substantially increased its import tariff on sugarcane. What would the model of supply and demand predict?
5. Consider the market for widgets in a small country. If the country begins to allow international trade and the world price of widgets is below the domestic price of widgets (when international trade was not allowed), then the country will