What is the effect of a tariff on the market price? Select one: a. It keeps the price of the exported good the same as the world price. b. It raises the price of the imported good above the world price. c. It lowers the price of the exported good below the world price. d. It lowers the price of the imported good below the world price.

a. In the absence of trade, what is the equilibrium price and equilibrium quantity? b. The government opens the wheat market to free trade and U.S enters the Turkish market, pricing wheat at $40 per ton. What will happen to the domestic price of wheat? What will be the new domestic quantity supplied and domestic quantity demanded? How much wheat will be imported from U.S? c. The government imposes a $10 per ton tariff on all imported wheat. What will happen to the domestic price of wheat? What will be the new domestic quantity supplied and domestic quantity demanded? How much wheat will now be imported from U.S? d. How much revenue will the Turkish government receive from the $10 per ton tariff?

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 graph below shows the domestic supply of and demand for mangos in India. 25 24 23 22 21 20 19 18 17 16 15 (300, 18) 13 10 8 7 6 5 4 3 2 1 Price ($) 500 100 200 300 400 Quantity of mangos (cases) 600 '700 回回 The world price is $16 a case, and India is open to free trade. Will India export or import mangos? a. India will (Click to select) ☑ mangos since, (Click to select) b. What quantity will domestic producers supply? cases of mangos. c. What quantity will India export or import? Click to enl care of mannan