IndexCardTemplate Exam 1

The us will import goods if the domestic price is

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The U.S. will import goods if the domestic price is greater than the world price. Importing goods decreases domestic producer surplus, increases domestic consumer surplus, and increases total surplus. Imports=Qd-Qs. A tariff is a tax on imports, and an import quota is a numerical limit on imports. These protectionist policies increase producer surplus, reduce consumer surplus, reduce total surplus, and cause a DWL. Supply curve shift to right. Tariff revenue =amount of tariff (vertical distance between old and new effective world prices) x quantity of imports. Infant industry argument: protectionism is needed to allow domestic industries to develop. Dumping argument: protectionism is needed to save domestic industries from the threat of dumping. Outsourcing: when U.S. firms buy finished goods, components, or services from other U.S. firms or from firms in other countries. Offshoring: when U.S. firms produce in other countries using foreign labor or by buying finished goods, components, or services from firms in other countries. Rent seeking occurs when individuals acting in their own self-interest lobby for policies that are, on net, bad for society. Creating Your 3”x5” Note Card As long as you are the one that creates your 3”x5” note card, you are allowed to use it on an exam. This can be very helpful to you, especially if you can manage to get most of the material on your note card. Here’s how you make the note card: Click in the center of the “Front” card to the right. Delete all the text in this box. Now, you’ll want to change the font. Go to FORMAT>FONT. Now, change the font to anything you want, as small as you want. Most printers should be able to print Arial Narrow, Size 4. This would be your best bet for getting the most in this space (with the smallest text). Some laser printers may be able to do a 3 point font…try it out a couple of times to see what you can and can’t read. If you do make your text small, you will want to change the amount of space in between lines. You can do this by selecting all of your text and going to FORMAT>PARAGRAPH and changing the “Line Spacing” option to “Exactly”. A good rule of thumb is to set the “At:” setting to the size of your font. So if you’re using Arial Narrow 4, set the “At” option to 4. This will reduce space between the lines Then fill in the front and back with the material you want on your card. At the back of your Smokin’ Notes packet, we have included some suggestions as to what should go on your card. Another suggestion: If you have a color printer, put different ideas in different colors. This helps you find material on your card much more easily during the exam. Remember: you can have a front and back, so fit as much as you can in there! Get it as small as you can if you want, but make sure you can read it. When you’re done, print it out and paste or tape it to a 3”x5” index card and you’ll be all set. Front of Card Back of Card
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