Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 33, Problem 7QP
To determine
Most effective measure to curtail import.
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When a large country imposes a tariff for a certain good it imports,it often affects the foreign price of the good as well. Is this statement true? Justify the answer
Summarize the arguments in support of restricting imports.
I asked this question in an earlier assignment; It was a bonus question about price floors and tariffs. I’m curious if your answers have changed.
Would tariffs on imported wine be a price floor?
Chapter 33 Solutions
Economics (MindTap Course List)
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- The demand for cameras in a certain country is given by D = 8000 – 30P, where P is the price of acamera. Supply by domestic camera producers is S = 4000 + 10P. If this economy opens to tradewhile the world price of a camera is $50, and the government imposes a tariff of $30 per camera,what will be the quantity of cameras that this country imports or exports?arrow_forwardWhat impact would a tariff on Chinese goods have on the consumer? How about producersarrow_forwardIn a small, open economy, domestic demand for calculators is given by P = 55.9 – Q, domestic supply is given by P = 3.3Q and the world price is $6.6. The economic advisors of the country decide to impose a tariff of $5.1. What quota will have the same impact as the tariff?arrow_forward
- Why would an importing country use a tariff rather than a quota?arrow_forwardExporting countries Which of the following will be true, everything else remaining constant, for a country that exports some good? a)The greater the price elasticity of supply for the good in the exporting country, the greater the volume of exports. b) The more that consumers in the exporting country respond to a change in price, the greater will be the gains from trade. b) The smaller the price elasticity of demand and supply in the exporting country, the greater the gains from trade. c) Some domestic suppliers will lose surplus while others will gain surplus. Choose the statements that match the question and briefly explain your reasoning to understand the question better. Thankyou.arrow_forwardExplain why a quota may result in lower total surplus in the home country than a tariff, even if they have the same effect on imports and the domestic price.arrow_forward
- In 2019, Japan had a tariff on canola oil imports from Canada of 13.2 yen per kg. This same year, Japan imported approximately 35 million kg of canola oil from Canada. How much tariff revenue did the Japanese government generate in 2019? (Do not include the extra zeros for millions in your answer.)arrow_forwardThe figure shows a country’s domestic supply and demand curves for a good, as well as the world price, Pw, for the good that it faces, as a small country, on the world market. Initially, the country is exporting X1 units of that good at that price. Suppose that producers in this industry lobby policy makers to provide them with some sort of assistance to help them export even more. Policy makers are considering an export subsidy. What area represents the benefit to the producers from this subsidy? Group of answer choices b+c+d a+b+c c+d a+barrow_forwardWhat benefits do export quotas provide? In your opinion, what does the U.S produce that would benefit the American people if an export quota was put in place on it?arrow_forward
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