International Trade- Micro Topic 2.9

The video, presented by Jacob Clifford, explores the revolutionary impact of Malcolm McLean's invention of containerization in the 1950s. This innovation drastically improved shipping efficiency, reduced costs, and facilitated global trade. The video uses supply and demand graphs to illustrate the benefits of international trade, highlighting increased consumer surplus and the challenges faced by domestic producers. It also examines the effects of government interventions like quotas and tariffs on trade dynamics. The video concludes by emphasizing the lasting influence of containerization on modern trade and consumer benefits.

Who was the entrepreneur responsible for the invention that changed global shipping?

• Steve Jobs

• Walt Disney

• Henry Ford

• Malcolm McLean

What is the primary benefit of containerization in shipping?

• Increased labor costs

• Reduced transportation costs

• Longer shipping times

• Higher import taxes

In the context of international trade, what happens to consumer surplus when goods are imported at a lower world price?

• It decreases

• It remains the same

• It increases

• It becomes negative

What is the effect of a quota on the number of imported goods?

• Increases imports

• Decreases imports

• Has no effect

• Doubles imports

How does a tariff affect the price of imported goods?

• Raises the price

• Eliminates the price

• Lowers the price

• Keeps the price constant

What is the result of a government-imposed tariff on consumer surplus?

• Consumer surplus becomes zero

• Consumer surplus remains unchanged

• Consumer surplus decreases

• Consumer surplus increases

What object symbolizes the concept of international trade and consumer surplus in the video?

• A shipping container

• A Bluetooth speaker

• A barrel

• A wooden crate