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Macroeconomics HW - Essay Example

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Consumers gain surplus as a result of the price reductions that occur when tariffs are eliminated. Under the law of demand, as the price falls, consumer demand rises with removal of the tariffs. Surplus gains are represented in the diagram by (A + B + C + D).
b. Producers…
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Macroeconomics HW
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Download file to see previous pages Government loses revenue, there is consumer surplus as the market becomes more attractive for foreign imports (goods made overseas and shipped to the U.S.). Because domestic supply increases when a tariff is in place, lowering the tariff would be less financially beneficial to the domestic producers.
Yes, the economy has been made better off by trade. Understanding that tariffs increase government revenues and also increase domestic supply, it prevents many foreign-made products from flooding the U.S. market. When the government is in a better financial position, these investments can be made in stimulus or other beneficial financial programs to spark growth. The government maintains even more control with the import quota, which further stimulates growth in domestic sales, but also gives consumers more product options. Losses in manufacturing are offset by growth in other industries, which still provide workers with quality jobs just with less focus on production facilities. Trade can stimulate a need for better training to consumers for jobs such as technology, thus providing a competitive advantage with other nations despite the trade situation.
The first argument about national security is not justified as it relates to agriculture. The United States maintains very high agricultural output and thus foreign agriculture would not be considered critical to sustaining the well-being and health of Americans. Except for items like coffee that have no substitutes, shifts in supply of foreign produced agriculture are not a security risk.
The second argument about job creation, however, is justified by the argument for trade protection. If too many agricultural products are imported into the U.S., it could affect domestic production and thus create job losses for farmers, canners, or other jobs related to food supply.
The last argument, about infant industries, is not really relevant to the U.S. This ...Download file to see next pagesRead More
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