Question 47An ad valorem tariff isAn import tax that must be paid in kind (i.e., giving the government the good itself).A tax on imports defined as an amount of currency per unit of the good.A requirement to pay the government a specified fraction of the monetary value of an imported good.O Any tax on a particular imported good (as opposed to one on all imports).

Imports are referred to as the transfer of goods and services from foreign country to domestic…

Answered: Question 47 An ad valorem tariff is An…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 2PA

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price supply domestic price- $35 import price + tarif $20 demand 100 300 500 650 850 quantity Based on the graph above, if there is a tariff of $15 per unit imposed on imports in this market: A. 750 units will be imported and tariff revenue to the government will be $11.250 B. 650 units will be imported and tariff revenue to the government will be $9,75O C. 350 units will be imported and tariff revenue to the government will be $5.250 D. 300 units will be imported and tariff revenue to the government will be $4,500
If the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $8.00 per unit? Quantity of Barrels Supplied (Millions) Quantity of Barrels Demanded (Millions) 0 2 4 6 8 10 12 The amount of imports after the $8.00 per-unit tax is responses as a whole number.) ges Price per Barrel Get more help. $4 8 Using the table above, after the imposition of the $8.00 per-unit tax, the new quantity supplied is 4 million barrels and the new quantity demanded is 12 million barrels. (Enter your responses as a whole number.) 12 16 20 24 28 14 13 12 11 10 9 8 million barrels per day. Before the tax, domestic producers supplied 0 barrels of crude oil. They now supply million barrels Clear all (Enter your more less Check answer (e)
12. Government prefers to reduce imports with a tariff instead of a quota depends on whetherA. imports are completely eliminatedB. consumer demand is elastic.c. the demand curve is downward slopingD. barriers prevent new firms from enteringE. production costs are.constant. Thanks
41) A tariff is a tax imposed by a government on its own exports. T or F
1. What do the welfare effects of an import quota differ from those of import tariff?
3 1190 Domestic Demand E 1140 1090 PRICE (Dollars per ton) 1040 990 940 890 840 790 740 690 0 10 20 + I 1 1 R 30 40 50 60 70 QUANTITY (Tons of limes) A tariff set at this level would raise $ F If Zambia is open to international trade in limes without any restrictions, it will import % Domestic Supply 5 T Suppose the Zambian government wants to reduce imports to exactly 40 tons of limes to help domestic producers. A tariff of achieve this. G 1 I 6 P. 80 90 100 W Y in revenue for the Zambian government. H & 7 ? U 8 00 J tons of limes. Grade It Now 9 K O per ton will Save & Continue Continue without eaving O P
1. Suppose the automobile industry in Dreamland is required to pay 3 percent of surcharge on every car imported to the country. This is an example of a a.export tax b.export restriction c.tariff d.trade liberalization
QUESTION 17 P 100- 50- 65 26 25- h f 25 30 50 6575 a+b+c+d+f+g. k O a+b+c+d. Soomestic Sworld The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. If imported rice is banned, the consumption distortion loss is equal to Of+g. Oa+c+f+g Doomestic
Atariff is: a. A limit on the number of foreign goods enteringa country b. A tax on imported goods and services C. A tax on domestic goods and services O d. A limit on the number of foreign goods leaving a county limit on the number of foreign goods entering a country
5. Agricultural export subsidies in a small nation The following graph shows the market for wheat in Canada, where De is the demand curve, Sc is the supply curve, and Pw is the free trade price of wheat. Assume that Canada is a relatively small producer of wheat, so changes in its output do not affect the world price of wheat. Also assume that Canada is currently open to free trade, and domestic consumers are able to purchase wheat at the world price with negligible transportation costs. Suppose a subsidy of $80 per ton is granted to exporters in Canada, allowing them to sell their products abroad at prices below their costs. Assume that trade restrictions are also put in place in order to prevent domestic consumers from buying wheat abroad at the world price. Use the grey line (star symbols) to indicate the world price of wheat plus the subsidy on the following graph. Then use the black point (plus symbol) to indicate the price of wheat in Canada and the quantity demanded at that…
Why might a tax on domestic consumption of resources critical for national security be a more efficient approach than barriers to imports?

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