The European Union has a "variable levy" on imports of butter. This means that when the world price of butter goes up. O The EU must have increased its tariff on butter. O The EU reduces the size of the tariff that it levies on butter. O Consumers of butter in the EU benefit. O Cows in the EU get angry.

. The United States currently imports all of its coffee. The annual demand for coffee by U.S. consumers is given by the demand curve Qd = 150 − 10P, where Qd is quantity (in millions of pounds) and P is the market price per pound of coffee. Suppose the domestic supply is Qs = 10P −50. The U.S. coffee market is competitive. Suppose that the world price of coffee is $6. Congress is considering a tariff on coffee imports of $2 per pound. (a) Find the producer and consumer surplus if there was no trade. (b) Calculate the consumer and producer surplus after we engage in free trade. (c) If the tariff is imposed calculate the changes to consumer and producer surplus. (d) Other than lower prices, provide two benefits that can occur as a result of free trade.

Suppose that the world price of baseball caps is €1 and there are no import restrictions on this product. Assume that Spanish consumers are indifferent between domestic and imported baseball caps. a. What quantity of baseball caps will domestic suppliers supply to domestic consumers ?__________thousands

Analyze the following graph of a the effects of a tariff: Would imposing a price floor of $112 create a different deadweightloss than the tariff? Why or why not? If so, would it be higheror lower?

Assuming the market outcome, and a world price of $6.50 calculate the following:  Price Qddom Qsdom Imports or exports

The world price of a ton of steel is $100. The price of a ton of steel in Mexico was $250 before opening the economy to trade. After Mexico opened the economy to trade, Mexico began O exporting steel and the price of steel in Mexico decreased to $100. O Importing steel and the price of steel in Mexico remained at $250. O importing steel and the price of steel in Mexico decreased to $100. O exporting steel and the price of a steel in Mexico remained at $250

Which of the following statements is false? Question 7Answer a. If the United States imposes a tariff on Japanese car imports, the price of cars in the United States is likely to increase. b. If Japan imposes a quota on car exports to the United States, the price of cars in the United States is likely to increase. c. If the United States imposes a quota on Japanese car imports, the price of cars in the United States is likely to increase. d. If Japan imposes a subsidy on car exports to the United States, the price of cars in the United States is likely to increase.

if the world price is 5 dollars and import quota 300. The price after the quota will be ?   I dont understand how to read this graph and make real sense the data and how it is affected by the tax.   I struggle with the formulas needed to make conclusions about the information

The figure provided shows the Canadian domestic market for calculators. Price of calculators $450 40 30 20 25 10 S world price with tariff world price Fore 50 100 200 300 400 500 600 700 800 900 Quantity of calculators If the world price is $5 and an import quota of 600 is imposed, the price after the quota, in numerals, is

In the domestic market with no trade, the equilibrium price is _____ and the quantity traded is ____ units a. $90, 1,150 b. $60, 650 c. $60, 1,150 d. $40, 1,800