Macroeconomics 11th Edition by Michael Parkin

تمرين 12

How Global Markets Work
Use the following news clip to work Problem.
South Korea to Resume U.S. Beef Imports
South Korea will reopen its market to most U.S. beef. South Korea banned imports of U.S. beef in 2003 amid concerns over a case of mad cow disease in the United States. The ban closed what was then the third-largest market for U.S. beef exporters.
a. Assuming that South Korea is the only importer of U.S. beef, explain how South Korea's import ban on U.S. beef affected beef producers and consumers in the United States.
b. Draw a graph of the market for beef in the United States to illustrate your answer to part (a). Does anyone in the United States gain from Korea's policy