Use the graph below and the following information to answer the next question(s). The world price of soybeans is $5.00 per bushel, and the importing country is small enough not to affect the world price. Suppose the government puts a tariff of $1.00 per bushel on soybean imports. How much revenue will the government raise from a $1.00 per bushel tariff on soybean imports? 65 6 5 O $ 20 million O$ 80 million $ 60 million O$ 30 million O$ 20 million 60 70 130 140 Q/millions bushels S World price

Q: Which of the choices describes how the effects of import tariffs and import quotas are different?…

A: Trade policies like import tariffs and import quotas work to limit imports while defending homegrown…

Q: 8. Which of the following would be a deadweight loss from a tariff? A) The shift of consumer surplus…

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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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A: Deadweight loss is the net welfare loss experienced by society.

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