Assume the United States is a large consumer of steel that is able to influence the world price. Its demand and supply schedules are respectively denoted by Dus and Sus, in the figure below. The overall (United State plus world) supply schedule of steel is denoted by Sus-w. Suppose the U.S. imposes a tariff of $100 on each ton of steel imported, then the overall supply schedule of steel after the tariff is denoted by Sus..w+t 630 550 475 450 425 10 R 8 40 50 55 Sus.w.. Sus.w 96 Tons of Steel Refer to the figure above, the tariff's terms of trade effect equals [Select]

Assume the United States is a large consumer of steel that is able to influence the world price. Its demand and supply schedules are respectively denoted by Dus and Sus, in the figure below. The overall (United State plus world) supply schedule of steel is denoted by Sus-w. Suppose the U.S. imposes a tariff of $100 on each ton of steel imported, then the overall supply schedule of steel after the tariff is denoted by Sus..w+t 630 550 475 450 425 10 R 8 40 50 55 Sus.w.. Sus.w 96 Tons of Steel Refer to the figure above, the tariff's terms of trade effect equals [Select]

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.8P

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Suppose that the United States increases its tariff on steel imports. Steel prices to U.S. consumers would be expected to: (A) Increase, and the foreign demand for U.S. exports would increase (B) Decrease, and the foreign demand for U.S. exports would increase (C) Increase, and the foreign demand for U.S. exports would decrease (D) Decrease, and the foreign demand for U.S. exports would decrease.
The demand for cameras in a certain country is given by D = 8000 - 30P, where P is the price of a camera. Supply by domestic camera producers is S 4000 + 10P. Suppose that world price of a camera is $150. If this country decides to trade, which of the following is true? 3000 cameras will be exported Domestic production of cameras will decrease by 500 Domestic production of cameras will increase by 500 2000 cameras will be imported
Romania and Georgia both produce shmoos, and are the only producers of shimoos. The market demand and supply in this case are for the Romanian market. The Romanians decide to drop the current tariff on shmoos, which increases the total quantity consumed from 150,000 to 200,000. The tariff change causes the Georgian producers to increase their production from 50,000 to 150,000 If the tariff was a per unit tariff of $10, how much will the Romanian government lose by dropping the tariff Answers: $50,000 $100,000 $150,000 $200,000 None of the above OneDrive Screenshot saved The screenshot was added to your OneDrive.
The demand for cameras in a certain country is given by D = 8000 – 30P, where P is the price of acamera. Supply by domestic camera producers is S = 4000 + 10P. If this economy opens to tradewhile the world price of a camera is $50, and the government imposes a tariff of $30 per camera,what will be the quantity of cameras that this country imports or exports?
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