1.The Japanese people currently pay about four times the world price for rice. If Japan removed its trade barriers so that Japanese consumers could buy rice at the world price, who would be better off and who would be worse off? a.Japanese consumers would be worse off and Japanese rice farmers would be better off. b.Japanese consumers would be better off and Japanese rice farmers would be worse off. c.Japanese consumers and rice farmers would both be worse off. d.Japanese consumers and rice farmers would both be better off.
2. The Japanese people currently pay about four times the world price for rice. If Japan removed its trade barriers so that Japanese consumers could buy rice at the world price and we added all the gains and losses to the Japanese, would there be a net gain or net loss?
3. The Japanese people currently pay about four times the world price for rice. If Japan removed its trade barriers so that Japanese consumers could buy rice at the world price, who would make a greater effort lobbying for or against this reduction in trade barriers: Japanese consumers or Japanese rice farmers?
4.The supply curve for rice in Japan slopes upward, just like any normal supply curve. If Japan eliminated its trade barriers to rice, what would happen to the price of rice? What about the number of workers employed in the rice-producing industry in Japan?
