When a country transitions from autarky to international trade with a higher world price, what happens to consumer and producer surplus?

If the world price of a good is lower than the domestic price, what is the likely trade outcome?

What is the effect on consumer and producer surplus when the world price is lower than the domestic price, leading to imports?

What is the main reason China has a comparative advantage in manufacturing household items?

Which of the following is a source of comparative advantage?

Why does the UK have a comparative advantage in strawberry production?

In a scenario with a low world price, what is the likely impact on domestic producers before tariffs are imposed?

Which of the following best describes a tariff?

Which of the following is a reason a government might impose a tariff?

When an import quota is imposed, how is the surplus distributed between domestic and foreign producers?

What are the key differences between the economic impacts of tariffs and import quotas?

What is protectionism in the context of international trade?

What is a potential risk of using protectionist measures as a bargaining chip in trade negotiations?

What is a likely outcome of increased competition in a global market?