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Problem+Set+_5 - Name(Last name first name SID GSI Econ...

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Name: _________________________ (Last name, first name) SID: _________________________ GSI: _________________________ Econ C181/EnvEcon C181 International Trade Professor Steven Wood Fall 2010 Problem Set #5 Due: November 16, 2010 (in class before 3:50:01 p.m.) Please sign the following oath: The answers on this problem set are entirely my own work. I neither copied from the work of others nor allowed others to copy from my work. _______________________________________ Signature Any problem set turned in without a signature will be assigned a grade of zero. Problem Set Instructions 1. When drawing diagrams, clearly and accurately label all axis, lines, curves, and equilibrium points. 2. Explanations MUST be word-processed. Your explanations should be succinct and to the point. 3. Graphs and equations MAY be drawn by hand. Econ 181 Problem Set #5 (Fall 2010) 1/4
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A. Multiple Choice Questions . Circle the letter corresponding to the BEST answer (3 points each.) 1. How is an export subsidy by a large country different from an import quota by a large country? a. They are not different; the effects on income distribution are the same. b. An export subsidy improves the terms of trade while an import quota worsens them. c. An export subsidy worsens the terms of trade while an import quota improves them. d. Unlike the welfare effects of an import quota the welfare effects of an export subsidy are ambiguous.
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