(The answer can be without explanation )

1.This is for the Globalization article.

Globalization

Global finance ministers and central bankers are descending on Washington this week with a central concern in mind: fear that the modern age of globalization is hitting a wall.

Last year's $646 billion in foreign direct investment in rich economies represents a 40% drop from the peak before the financial crisis. International lending, as measured by cross-border banking claims at the Bank for International Settlements, is down nearly $2.6 trillion, or 9%, over the past two years.

International trade this year will grow at the slowest pace since 2007, according to the World Trade Organization, which has slashed its forecast for growth inglobaltrade volumes to 1.7% in 2016 from a previous estimatein Aprilof 2.8%. Imports among the world's 20 largest economies have fallen as a share of their gross domestic product for four consecutive years, and growth in demand for shipping containers fell to 4% this year after four decades of double-digit expansion.

As financial officials gather in the U.S. capital this week at semiannual meetings of the International Monetary Fund and the World Bank, there is widespread concern that this global malaise could worsen if nations intentionally turn inward.

Too many politicians are backing trade barriers in a misguided effort to boost national growth in the short term, saidRoberto Azevedo,director general of the World Trade Organization. "The medicine that is being often prescribed is protectionism, and that is exactly the kind of medicine that is going to hurt the patient, not help him," he said.

The head of the IMF,Christine Lagarde(Links to an external site.)

,also expressed concern over rising protectionism around the world, including in the U.S. "Curbing free trade would be stalling an engine that has brought unprecedented welfare gains around the world over many decades," she said.

The slower-than-expected economic activity is feeding a cycle of banks pulling back from international risk, companies hesitant to invest in new production, andgovernments issuing regulationsoften linked to national securityfavoring domestic producers.

"Now that we're in this 2% [growth] range in the U.S. and less than that in other countries, people are clinging more to the past and thinking more how to protect versus embracing the future," saidDavid Abney,chief executive ofUnited Parcel Service(Links to an external site.)

Inc.

Emerging markets are adding new "localization" rules that compel big companies to invest and create jobs in a particular jurisdiction, and in the process to scale down operations in home markets.

Rich countries, meanwhile,are fighting over international taxation and abandoning deals that wouldlower tariffs or set agreed-upon commercial rules of the road, a stark reversal from the path of trade liberalization that has prevailed since World War II.

With divisive elections coming up in the U.S. and major European countries, officials in some of the most highly developed economies have sharpened their rhetoric on international trade, taxes and regulation.European Union officials last monthgaveup hopeon finishingnegotiationsonthe sweeping Trans-atlantic Trade and Investment Partnership before PresidentBarack Obama(Links to an external site.)

leaves office.

Meanwhile, tough sanctions stemming from geopolitical conflicts have sharply reduced trade with Russia and other countries. Less visible national-security restrictions have arguably packed an even bigger punch in China and the U.S. as those governments prevent corporate access to sensitive industries such as the telecom sector.

Led by the U.S.,the group of the 20 major global economiesimposed 644 discriminatory trade measures on other countries in 2015, according to GlobalTrade Alert, an independent trade-monitoring group. Examples include a host of U.S. tariffs on allegedly dumped or subsidized steel imports from China, many of which are becoming permanent.

Part of the problem is that China, hit with slowing growth, has further delayed planned reforms that would open up markets, instead persisting with policies favoring domestic industries.More than three-quarters of U.S.companies surveyed by the American Chamber of Commerce this year said theyfeltless welcome in China than a year earlier.

ASOS(Links to an external site.)

PLC, a U.K. online clothing retailer, for example, retreated from an expansion into China in April. Its Shanghai warehouse, opened in 2014, was supposed to give theglobale-commerce firm a logistics hub to serve Asia and meet the expected strong demand from Chinese consumers.

'People are clinging more to the past and thinking more how to protect versus embracing the future.'

David Abney, chief executive of United Parcel Service Inc.

There were early signs, though, that ASOS would struggle to get a foothold in the market. But soon after the warehouse opened, Chief Executive Nick Beighton told analysts that Beijing's regulations on testing goods were more stringent than the EU's, which he said was "a surprise to us." Package labeling was far more onerous than the company originally thought too.

In April, the firm closed the warehouse, abandoned its Mandarin-language website and recorded a $13 million loss, citing complex regulations among the several factors for closing up shop. The company decided to redeploy capital meant for China on building up its European and U.S. operations.

The reduced trade volume is shifting the landscapes for banks such asHSBC Holdings(Links to an external site.)

PLC, which has exited 16 mostly smaller countries in recent yearsbut still operates in markets responsible for 85% to 90% of global trade. With assets concentrated around China and the U.K., the bank is exposed both to Beijing's economic rebalancing and the expected British exit from the EU, which could cut some of its U.K. clients out of European supply chains.

"When there's uncertaintyif you're not just selling toothbrushes or somethingthere's the danger that you get cut out of longer-term contacts, because there's an uncertainty as to what the arrangements might be in due course," HSBC ChairmanDouglas Flintsaid.

Just asthe U.S. trade talks with Europefell afoul of a wave of populist political sentiment on both continents,Mr. Obama's 12-nation trade agreementthe Trans-Pacific Partnershipnow appears to stand little chance of winning congressionalsupport this year.

Question: Per the article, trade barriers will benefit _________________ because it will ___________ protection for them from international competition.

A/Domestic producers; increase

B/Domestic consumers; decrease

C/Domestic consumers; increase

D/Domestic producers; decrease

2.This is for the Globalization article. Per the article, the U.S. imposed a ______________ on China's steel exports to the U.S. Due to this, we would expect prices of steel produced domestically in the U.S. to __________________.

A/Tariff; increase

B/Quota; decrease

C/Tariff; decrease

D/Quota; increase

3.This is for the Globalization article. You're a national lawmaker for country A. Your political supporters are business owners. These business owners own factories that make product B and are complaining about international competition for their product B. If you're going to implement a trade barrier (assuming trade barriers are allowed and not contested by anyone or any organization), which trade barrier would you choose for country A to implement?

A tariff is a tax.

A quota is a quantity limit.

Group of answer choices

A/Tariff - because the domestic country implementing this will receive the tax revenue

B/Quota - because the foreign country exporting will be able to charge a higher price

C/Quota - because the domestic country implementing this will receive the tax revenue

D/Tariff - because the foreign country exporting will be able to charge a higher price

4.This is for the Cheese article.

Cheese

America's cheese hoard continues to balloon to unprecedented levels, as producers fear the mountain could grow further and put even more dairy farmers out of business.

About 1.4 billion pounds of American, cheddar and other kinds of cheese is socked away at cold-storage warehouses across the country, the biggest stockpile since federal record-keeping began a century ago.

Driving the glut are cheese makers who ramped up production before trade tensions abroad tamped down demand for many of their products. Shifting tastes at home have further changed the outlook for traditional cheese makers. Many are paying to store their excess cheese in hopes demand and prices will improve.

"There's a whole ton of aged product laying around," said Nate Donnay, director of Dairy Market Insight at INTL FCStone Financial.

Cheese, which has a limited shelf-life, is less valuable once it spends weeks in cold-storage, and producers are concerned that the glut and price drop that has come with it could eat into profits. Spot market prices for 40-pound blocks of cheddar fell around 25% this year from 2014 prices, while 500-pound barrels typically used for processed cheese declined 28%.

Cheese exports have suffered(Links to an external site.)

since Mexico and China, major dairy buyers,instituted retaliatory tariffs(Links to an external site.)

on U.S. cheese and whey. Cheese shipments to Mexico in September were down more than 10% annually, according to the U.S. Dairy Export Council trade group, and shipments to China were down 63% annually.

That leaves U.S. dairy producers relying more on a domestic market where tastes are changing.

Americans ate a record 37 pounds of natural cheese per capita last year. But they are ditching processed, American and plain cheddar cheese for foreign varieties. Per capita consumption of mozzarella has topped cheddar since 2010. Consumption of processed cheese spreads per capita is about half what it was in 2006.

Strong pizza sales have helped rocket mozzarella into the top cheese spot, dairy analysts said. Grocers big and small are also increasingly beefing up cheese counters with imported and less typical varieties as Americans turn away from processed foods for unique products.

"I can't stand to eat processed American or pasteurized cheese product," said Gerrard Burks, a 29-year-old tutor from Detroit who said he has been trying new kinds of cheese recently.

More adventurous cheese eating poses a challenge for big U.S. cheese makers focused on traditional varieties.

Ireland-based Glanbia PLC, one of the world's biggest cheddar producers, is building a $470 million plant in Michigan that will make 300 million pounds of American-style cheese a year when it opens in 2020. The company's New Mexico plant is scheduled to undergo a $140 million expansion.

A Glanbia spokeswoman said the company expected global demand for cheese to rise over time, and that it runs some of the most efficient facilities in the world. "While cheese markets can be inherently cyclical in nature, long-term trends point towards a rise in global dairy consumption," she said.

Quebec-based Agropur Inc. this year said it would triple capacity at its South Dakota cheese plant to process 9 million pounds of milk a day into Italian and American-style cheese.

Some cheese makers say they are adjusting their operations to produce newly popular varieties.

Wisconsin-based Sargento Foods Inc. has added Gouda and Havarti varieties to its line of sliced cheeses. Schuman Cheese in New Jersey has added twists on Parmesan, Asiago, Fontina and Alpine to its product line.

They will face competition from foreign producers looking for a bigger slice of the U.S. market. Netherlands-based Royal FrieslandCampina NV acquired New Jersey-based importer Jana Foods earlier this month for an undisclosed price. The world's largest producer of Gouda and other Dutch-style cheeses said it wants to double its U.S. revenue in three years.

"The U.S. is the biggest and most challenging market in the world," Gert Jan Poort, president of FrieslandCampina's U.S. consumer division, said in an interview.

U.S. retailers are also shifting more of their cheese offerings to imported and specialty products that command higher prices than sliced cheddar and string cheese.Kroger(Links to an external site.)

Co.hasexpanded its cheese selection(Links to an external site.)

since buying New York-based Murray's Cheese shop last year.

Kroger Chief Executive Rodney McMullen said he and his wife have since started buying a wider range of cheeses, too. "We didn't know any better," he said.

Companies that built their business on American, cheddar and processed cheeseare still pumping out those varieties(Links to an external site.)

, banking on exports growing. October cheese export figures showed better business, including with key importer Mexico.

But in the short term, the supply has pushed down cheese and milk prices. That is hurting farmers that supply big cheese makers, too.

Milk prices are down(Links to an external site.)

around 40% from a 2014 peak that encouraged many farmers to expand their herds. Nowdairies are going out of business(Links to an external site.)

as prices crash. More than 600 dairy farms have closed this year in Wisconsin alone.

Stan Ryan, chief executive of the Seattle-based Darigold Inc., said falling prices have driven down profits for the affiliated Northwest Dairy Association cooperative's roughly 450 farmers.

"It is very challenging for dairy farmers to stay in the game," said Mr. Ryan, adding that more than 25 of his farmers have gone out of business in the past year.

You may want to draw this model out to help you. Please draw a demand curve with a slope of -1. Please draw a supply curve with a slope of +1.

From the article, identify what happened to supply of cheese and what happened to the demand for cheese. Draw these shifts in your supply and demand model. Please shift thesupplycurve with alarger magnitudethan the shift in thedemandcurve. After analyzing your model, what happened topriceafter the shifts?

Group of answer choices

A/price stayed the same

B/price increased

C/price decreased

5.Draw a regular supply and demand model. The supply curve will have a slope of 1. The demand curve will have a slope of -1.

Here's the story: The product is orange in Florida for the month of March. Great weather benefitedthe orange crop in Florida while at the same time a leading doctor stated that consuming oranges is terrible for your health. Draw the supply and demand model where demand shifted by a larger magnitude compared to supply. What happened to price and quantity after the shifts?

Group of answer choices

A/price stayed the same and quantity decreased

B/price decreased and quantity decreased

C/price increased and quantity increased

D/price decreased and quantity stayed the same

E/price increased and quantity decreased

F/price decreased and quantity increased

6.Draw a standard normal supply and demand model. The supply curve will have a slope of 1. The demand curve will have a slope of -1.

Here's the scenario: The product is orange consumed in a year's time. A leading doctor states that consuming oranges will increase your health. At the same time, weather conditions for growing oranges looks very favorable for the crop. In this scenario, shift the demand curve more than the shift in the supply curve.

What happened to price and quantity?

Group of answer choices

A/Price decreased and quantity increased

B/Price increased and quantity decreased

C/Price decreased and quantity decreased

D/Price increased and quantity increased

7.Draw a standard normal supply and demand model. The supply curve will have a slope of 1. The demand curve will have a slope of -1.

Here's the scenario: The product is orange consumed in a year's time. A leading doctor states that consuming oranges will decrease your health. At the same time, weather conditions for growing oranges looks very favorable for the crop. In this scenario, shift the demand curve more than the shift in the supply curve.

What happened to price and quantity?

Group of answer choices

A/Price decreased and quantity decreased

B/Price increased and quantity decreased

C/Price increased and quantity increased

D/Price decreased and quantity increased

8.Draw a standard normal supply and demand model. The supply curve will have a slope of 1. The demand curve will have a slope of -1.

Here's the scenario: The product is orange consumed in a year's time. A leading doctor states that consuming oranges will increase your health. At the same time, weather conditions for growing oranges looks terrible for the crop. In this scenario, shift the supply curve more than the shift in the demand curve.

What happened to price and quantity?

Group of answer choices

A/Price decreased and quantity decreased

B/Price increased and quantity increased

C/Price decreased and quantity increased

D/Price increased and quantity decreased