Government standards for products sold in the domestic market can have the effect of protecting domestic producers from foreign competition. O True O False
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- The increase in prices resulting from the levy of import duty usually reduces the consumption capacity of thepeople. True FalseIn the world market, a pair of shoes from China is sold for $40 and that from Mexico is $50. U.S. made shoes are $70 a pair. Initially U.S. does not belong to any free trade agreement and imposes an ad valorem tariff of 30%. Later, the U.S. joins a free trade agreement with Mexico and remove all trade barriers including tariffs. The import demand function for the U.S. is Q = 280 – 4P. (Hint: Draw the import demand curve of the world market as shown in the examples on the textbook and lecture slides.) 13. How much will the U.S. government tariff revenue change (as a result of this free trade agreement? а. Increase by $144 O b. Decrease by $720 C. Decrease by $800 O d. Decrease by $864Why does the efficiency of an import tariff depend on the price elasticity of demand?
- A large enough production subsidy can turn an imported product into an exportable product. A) false B) trueDomestic demand for fidget spinners in the domestic economy is characterized by the equation P = 100 – 2Q, domestic supply is characterized by the equation Q = P10, and the world price is equal to 60. Then the export subsidy of 10 per unit will lead to a decrease in the world price by 10 increase domestic exports by 10 increase domestic exports by 15 change nothingAntidumping laws O allow foreign firms to easily enter the domestic market. O allows domestic firms to be protected from foreign competition by lowering their competitors' costs. O allows foreign firms to be more competitive in the domestic market. O allow domestic firms to be protected from foreign competition by raising their competitors' costs.
- example of subsidy in the philippinesWhich of the following would benefit producers, harm consumers and reduce total surplus? Opening of a market to trade when the world price is lower than the domestic price. Decrease of a subsidy. OOOO Increase of a tariff. None of these.Provide a brief explanation of the economic impact of tourism
- Market clearing price is __ dollars.If the US government reduces the tariff on imported coffee will this affect the supply or the demand for coffeeThe figure below illustrates the impact of an export subsidy as imposed by a large country. No imports are permitted. Price Domestic price with subsidy World price World price with subsidy Di So Quantity The consumption effect of the export subsidy is shown by area(s) d. Ob. O (d +i+ j). O (b +f+ g).
