Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 7, Problem 5SPA
To determine
What will be the price and quantity of roses when the US puts a tariff of $25 per container.
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The figure below shows the U.S. market for imported wine. For simplicity, we
consider export supply curves to be flat. Chilean wine is available for $480 per
barrel and French wine is available for $420 per barrel.
Price per barrel
$500
$480
$420
10
a.
$480
b. $560
C.
$500
d. $420
15
a
Chilean price
French price
US demand for imported wine
Quantity
(millions of barrels per year)
Suppose the United States has a tariff of $80 per barrel on imported wine.
Then, the United States joins a free-trade area with Chile. At what price per
barrel will the imported wines be purchased by the U.S. consumers?
Finland imports shoes into its country; they are a price taker in this market. Suppose the world price of shoes is $40. If Finland
imposes a $10 tariff on shoes, what would be the domestic price of shoes and what will happen to the quantity bought?
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.
The quantity bought will increase and the price will be $30.
a
The quantity bought will fall and the price will be $30.
The quantity bought will fall and the price will be $50.
The quantity bought will increase and the price will be $50.
Quantity
Supplied
Domentically Jerice Domestically
Quantity
Demanded
1,400
$10
2,200
1,600
9.
2,000
1,800
1,800
2,000
7.
1,600
2,200
6.
1,400
2,400
1,200
Refer to the accompanying table for a certain product's market in Econland, the world price of the product were $6 and a tariff of $t per unit were applied to imports of the product, then the tariff would
generate government revenues of
Mutple Choice
$400
S1200
S600
S000
Chapter 7 Solutions
Macroeconomics
Ch. 7.1 - Prob. 1RQCh. 7.1 - Prob. 2RQCh. 7.2 - Prob. 1RQCh. 7.2 - Prob. 2RQCh. 7.2 - Prob. 3RQCh. 7.3 - Prob. 1RQCh. 7.3 - Prob. 2RQCh. 7.3 - Prob. 3RQCh. 7.3 - Prob. 4RQCh. 7.3 - Prob. 5RQ
Ch. 7.4 - Prob. 1RQCh. 7.4 - Prob. 2RQCh. 7.4 - Prob. 3RQCh. 7.4 - Prob. 4RQCh. 7.4 - Prob. 5RQCh. 7 - Prob. 1SPACh. 7 - Prob. 2SPACh. 7 - Prob. 3SPACh. 7 - Prob. 4SPACh. 7 - Prob. 5SPACh. 7 - Prob. 6SPACh. 7 - Prob. 7SPACh. 7 - Prob. 8SPACh. 7 - Prob. 9SPACh. 7 - Prob. 10SPACh. 7 - Prob. 11SPACh. 7 - Prob. 12APACh. 7 - Prob. 13APACh. 7 - Prob. 14APACh. 7 - Prob. 15APACh. 7 - Prob. 16APACh. 7 - Prob. 17APACh. 7 - Prob. 18APACh. 7 - Prob. 19APACh. 7 - Prob. 20APACh. 7 - Prob. 21APACh. 7 - Prob. 22APACh. 7 - Prob. 23APACh. 7 - Prob. 24APACh. 7 - Prob. 25APACh. 7 - Prob. 26APACh. 7 - Prob. 27APACh. 7 - Prob. 28APA
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