Which of the following might be considered a cost to protecting domestic jobs in the steel producing industry by blocking steel imports? O Less consumer surplus for those who use products made of domestic steel Fewer jobs in industries that use steel O Higher prices of steel for domestic industries that use steel All of these might be considered costs

Which of the following might be considered a cost to protecting domestic jobs in the steel producing industry by blocking steel imports? O Less consumer surplus for those who use products made of domestic steel Fewer jobs in industries that use steel O Higher prices of steel for domestic industries that use steel All of these might be considered costs

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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57. Price, P 48- 44- 40- 36- 32- 28- 24- 20- 16- 12- 8- 4- 0- 9 10 11 12 Quantity, Q Refer to the above figure: the importing country imposes a tariff that raises the domestic price from $16 to $24. But lowers the export price from $16 to $8. What is the gain in producer surplus? O A. $8 о в. $24 O C. $36 O D. $32 77. Price, P 487 44- 40- 36- 32- 28- 24- 20- 16- 12- 8- 4- 0- 1 10 11 12 Quantity, Q 2 8. Refer to the above figure: The importing country imposes a tariff that raises the domestic price from $16 to $24. But lowers the export price from $16 to $8. As a result of the tariff government revenue is respectively. and the prodution distortion loss is O A. $16: $8 O B. $16: $4 OC. $32: $8 O D. $32: $4 30. CHAMPAGNE aLW= 5 hours per gallon a'Lw = 4 hours per gallon STRAWBERRIES НОМЕ FOREIGN aLc = 4 hours per pound a'lc = 2 hours per pound Which of the following statements are true? O A. Home has the absolute advantage in both strawberries and champagne and the comparative advantage…
Consider the market for slug repellant. This good can be produced in the United States or abroad. Assume U.S. consumers wish to buy the least expensive slug repellant possible. Price Quantity demanded $6 13000 $7 12000 $8 11000 $9 10000 $10 9000 $11 8000 Quantity supplied domestically 2000 4000 6000 8000 9000 10000 Quantity supplied by importers if trade is allowed 5000 5000 5000 5000 5000 5000 If international trade is allowed, what is the equilibrium price?
Domestic Demand 180 160 140 120 100 80 Domestic Price ($) 20 40 60 80 100 120 Supply 30 60 90- 120 150 180 Assume instead that Economica decides to place a quota of 75 2. units on foreign imports instead of a tariff. Draw the import demand and foreign export supply curve in this a. case. Calculate the domestic price The effect of the quota on consumer surplus b. c. d. The deadweight loss of the quota The quota rent Under what circumstances will the government receive the quota e. f. rent circumstances will foreigners receive the quota g. rent? Under what
33. a) At $800 price, how many units of good X will the domestic consumers purchase from *domestic suppliers*? ___________ units. b) At $800 price, how many units of good X will have to be imported from abroad? _________ units. c) At $800 price what is government's tax revenue from tariff on good X imported? $________________. d) With no tariff, how many units of good X can domestic suppliers supply? ___________ units e) With no tariff, how many units of good X will the domestic consumers demand?_______________ units.
1. What do the welfare effects of an import quota differ from those of import tariff?
Refer to the information in the followina table and answer questions 15 to 18. Quantity demanded domestically 15000 Price Quantity supplied domestically $ 20 20000 17500 20000 22500 25000 17 14 11 8 17500 15000 12500 10000 15 If the market were closed to the international trade, the revenue earned by the domestic producers will be:... 16 If the market was open to international trade and the world price was $11, total revenue of the international trade will be:...... 17 Assume world price $14 includes a tariff of $3 per product. Net revenue of the foreign suppliers after tariff will be:.. 18 At the world price $11 which includes tariff of $3 per product, quota of 10000 imported items will enable the government to get $30000 as tariff revenue if tariff duty is abolished. Do you agree? Why?
58
If the US eliminates its tariffs on imported steel, US consumers would likely see domestic steel price ______ Decrease increase, and foreign demand for US steel would rise increase, then decrease after 5 years would stay the same
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1-The analysis of a guote implies that a) the effect of guota on trade is the same as a tariff b) a guota will cause the same deadweight losses as a tariff c) states should prefer guota instead of tariff d) a quota increases imports if it is associated with high price elasticity of demand e) when a quote is applied the consumer surplus decreases but the producer surplus does not increase because only the state benefits from the quota
00 7 F. PRICE (Dollars per ton) 4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for soybeans in Honduras. The world price (Pw) of soybeans is $530 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of soybeans and that there are no transportation or transaction costs associated with international trade in soybeans. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. 2. Domestic Demand Domestic Supply 770 740 710 680 650 620 06 P, 530 MacBook Pro Search or type URL 4. 51 9.
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