1. Can you use an algebraic statement to view the costs associated with tariffs as a function of a country's GDP?

What was the General Agreement on Tariffs and Trade (GATT)? List its main accomplishments.

[India is the world’s largest consumer of sugar. Assume the world price for sugar is $750 per ton.] [Assume India currently has a tariff of $50 per ton on sugar and imports 7 million tons of sugar. Show this situation in a graph. Label the quantity demanded and the quantity supplied domestically and imports clearly on a graph. Explain your graph in 3-4 sentences. How to draw the graph?

Do you think that the United States should phase out dependence on imported oil?

Question 02. In terms of welfare, what is a difference between a tariff imposed by a large country and a tariff imposed by a small country? A. A tariff imposed by a large country has no deadweight consumption and production losses. B. A tariff imposed by a large country has a terms-of-trade effect. C. A tariff imposed by a small country has a terms-of-trade effect. D. A tariff imposed by a large country has no deadweight consumption loss. Question 03. The small nation of Endor currently produces 100,000 board feet of lumber at $600 per 1,000 board feet. Then it begins to trade at the world price of $500 per 1,000 board feet. As a result of trade, Endor's production falls to 50,000 board feet and its consumption increases to 200,000 board feet. What is Endor's total gain in consumer surplus once it begins to trade? A. $10,000 B. $15,000 C. $100,000 D. $150,000

If the United States produces 8 automobiles and Canada produces 2 automobiles and the United States produces 8 units of lumber and Canada produces 4 units of lumber, should the U. S. trade with Canada? If so, what should be imported and what should be exported?

a. Table 1 represents the demand and supply schedules of medicinal products for Belgium, a small nation that is unable to affect the world price. i. Draw the demand and supply schedules of medicinal products for Belgium [preferable on the graph paper provided]. ii. Suppose that Ireland and Germany can supply medicinal products to Belgium at a price of €10 and €15 per pack, respectively. Under free trade, which nation exports medicinal products to Belgium? How many medicinal products does Belgium consume, produce, and import? iii. Assume that Belgium imposes a 100 percent nondiscriminatory ad valorem tariff on its medicinal products imports. Which nation exports medicinal products to Belgium? How many medicinal products will Belgium consume, produce, and import? iv. Assume now that Belgium forms a customs union with Germany. Is the customs union that belgium forms with Germany trade creating, trade diverting, or neither? Provide a reason for your choice of answer. What is the Euro value…

Trade, tariffs, and protectionism. a) Explain, with aid of a diagram, the welfare effects of a tariff on the importing country.