If Canada applies a 30% tariff to Swiss watches, then Canada is prohibited by WTO rules from applying a 40% tariff on similar watches from Germany. Which concept best applies to this scenario? A. Most-favored nation B. Dumping C. Subsidies D. Sanctions
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If Canada applies a 30% tariff to Swiss watches, then Canada is prohibited by WTO rules from applying a 40% tariff on similar watches from Germany. Which concept best applies to this scenario?
A. Most-favored nation
B. Dumping
C. Subsidies
D. Sanctions
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- The potentially valid arguments for tariff protection— protection against dumping, infant industry protection, and military self-sufficiency—are also the most easily abused." a). Which of the following illustrates the potential for abuse of tariff protection? A. There is a tendency for trade barriers to remain in place even after a so-called infant industry becomes established. B. Dumping cases by foreign firms in Canada are frequent but difficult to prove. C. Military self-sufficiency eliminates subsidies for other sectors. D. Protected industries shoulder the burden of tariff protection b). Which of the following are valid arguments for tariff protection? A. Increasing domestic employment B. Ensuring adequate production levels in sectors deemed to be essential in the event of war C. Protection from foreign low-wage labour D. Increasing domestic output growthDiscuss with relevant examples 2 reasons of how tariffs protect domesticsm producers.Which of the following is NOT a law that impacted U.S. tariffs? A. Food, Drug, and Cosmetic Act B. Smoot-Hawley Act C. McKinley Act D. Fordney-McCumber Act
- NAFTA puts a halt to international trade. True O FalseSuppose that in the next few years Saudi Arabia oil production increases significantly. a. How will this influence the term-of-trade and welfare of Japan that is an oil importer? Explain. b. How will the terms-of-trade and welfare change in Kuwait that is an oil exporter? Explain.Suppose the free trade market price of a car is $10,000. It contains $5000 worth of steel. The importing country imposes 25% tariff on car imports. a. Calculate the effective rate of protection if there is no duty on steel imports. b. Calculate the effective rate of protection if the importing country imposes a 20% tariff on steel imports. c. Suppose it also takes $2000 worth of copper (besides $5000 worth of steel) to produce a car. Calculate the effective rate of protection if there is no import tariff on the imports of either steel or copper. d. Suppose there is an import duty of 20% and 15% on imports of steel and copper, respectively. Calculate the effective tariff rate.
- 1. Is tariffs a pro-producer or anti consumer?With free trade, for a world price of $4 per wrench, Spain is importing _________wrenches. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, Spain produces ____________ and imports __________wrenches. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, how much tariff revenue will the Spain’s government collect? _____how can tariffs increase employment ?
