A) If the U.S. did not trade what price would the good cost? If the world price was $200 what quantity would the U.S. produce? What quantity would be imported. What is consumer surplus at the world price? Producer surplus at the world price? Who benefits from the free trade and who gets hurt? B) If the U.S. government puts a tariff on the good so now the price is $300 who benefits, who is hurt? What quantity will U.S. producers now produce? What happens to consumer surplus from $200 to $300? What does producer surplus do with the price going from $200 to $300? What does the government gain with the tariff? C) Who benefits from free trade overall? Who benefits from trade restrictions? Why is a tariff the most used trade restriction?

Q: What are the effects of a tariff, and who benefits and who loses when tariffs are imposed? What are…

A: The import tariffs and quotas are the constraints to the free international trade. The tariffs are…

Q: Who are the winners and who are the losers when tariffs or quotas are implemented?

A: The tariffs are the unitary tax imposed by the government over the commodity which is being imported…

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A: Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts for…

Q: One big difference between tariffs and quotas is that tariffsa. raise the price of a good while…

A: Meaning of Tariffs and Quotas: The term tariff refers to the situation under which when any goods…

Q: Which scenario describes the operation of a tariff? Angola opens up trade with the world corn market…

A: Both answers are given below

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A: When the price imposed above the market equilibrium price leads to a surplus (supply > demand) in…

Q: With free trade, for a world price of $4 per wrench, Spain is importing _________wrenches. 5. If the…

A: A country becomes an importer if the world price is less than domestic equilibrium price as quantity…

Q: question 17 Consider a small open economy that produces computers and textiles.The world price of…

A: In an open economy, when there is a difference between world price and autarky price, people of the…

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A: Trade: Exchange is an essential financial idea including the trading of labor and products, with pay…

Q: An important difference between tariffs and quotas is that tariffs Select one: a. help domestic…

A: In an economy, tariffs and quotas, both are the ways to reduce imports of the country.

Q: The figure shows a country’s domestic supply and demand curves for a good, as well as the world…

A: Producer surplus is the area above the supply curve and below the price. It is the difference…

Q: If the world price for good A is below the domestic price for good A without trade, then consumer…

A: Surplus refers to the amount of an item or resource that is not being used. Surpluses include things…

Q: A) the world price is much greater than the country's opportunity cost for the good

A: The opportunity cost of producing a good refers to the units of output of other goods that must be…

Q: Draw the supply-and-demand diagram for an importing country. What is consumer surplus and producer…

A: For an importing country, the domestic equilibrium price is higher than the world price.

Q: PW is the world price and PW + T is the world price plus a tariff. Identify the following: g. The…

A: Equilibrium is achieved at the output level where quantity demanded equals quantity supplied.

Q: Now find the free trade equilibrium, assuming no transportation costs or tariffs, by setting P = P*…

A: The answer of only (d) is given here. Free trade, in classical theory, is known as the best way to…

Q: Price S $11.00 $7.50 $6.00 $4.00 6 12 15 Quantity The graph above shows the demand and supply of…

A: Given graph:

Q: The below 3 graphs show net losses to the economy of the country that imposed tariffs or quotas on…

A: The government of a country tries to protect its domestic industries from cheaper imports and high…

Q: Currently the US and China are in trade war. Does the war affect the trade activities of Philippines…

A: A Trade war is an Economic struggle coming about because of outrageous protectionism in which states…

Q: The demand for cameras in a certain country is given by D=8000−30P, where P is the price of a…

A: The equilibrium is established where the demand and supply are equal.

Q: Explain the main causes for international trade.?

A: According to the bartleby rules I will only answer the first question as you have not mentioned that…

Q: The world price of good X is $15. Under a policy of free trade the US production of good X would be?

A: Free Trade Agreement A free trade agreement can be defined as an arrangement between multiple…

Q: A good way to understand why a large country can gain by imposing a tariff is that the country gets…

A: Trade balance: The trade balance shows the country’s exports of goods and services minus its imports…

Q: The graph below shows

A: As per guidelines, we will answer the first three subpart questions.

Q: Consider two countries: South Korea and Taiwan. Taiwan can produce one million mobile phones per day…

A: Comparative Advantage can be defined as the ability to produce a particular product at a lower…

Q: If the U.S. did not trade what price would the good cost? If the world price was $200 what quantity…

A: The price is set at a point where demand is equal to supply, in this case demand and supply are…

Q: You are watching the nightly news. A political candidate being interviewed says, "I'm for free…

A: Before reaching a conclusion about the policy, it is necessary to consider the reaction of other…

Q: You are watching the nightly news. A political candidate being interviewed says, "I'm for free…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: If Indonesia (which is a small country) imposes an import tariff on textile imports, we can conclude…

A: Import tariff refers to the tax imposed on the amount of goods purchased by the domestic residents…

Q: Consider the following situation: The world price of oranges is $15 per bushel. The domestic supply…

A: A tariff is a tax imposed by the government of a country upon the commodity which is being traded…

Q: (Figure: Market for Pants) Suppose that the world price of a pair of pants is $40. According to the…

A: Here, the given graph shows domestic sand and supply of pants with the equilibrium price of $50 and…

Q: Is it good or bad for American consumers when the United states puts tariffs on imports

A: Tariffs are a particular tax imposed at the border on goods that are imported. Tariffs have…

Q: If the world price for good A is above the domestic price for good A without trade, then consumer…

A: The World price is above domestic price means the country is an exporter if there is a trade.

Q: Suppose trade protectionism is imposed, and a tariff is introduced to the market for butter. We can…

A: Protectionism is a term used to describe government policies that limit foreign trade to benefit…

Q: "Whatever can be done by a tariff can be done by a Quota". Agree or Disagree and why?

A: A tariff is a tax implemented on imported goods. It can be specific or it can be ad valorem.…

Q: Workers in industries protected by tariffs and quotas are likely to support these trade restrictions…

A: As per Job argument, tariff is beneficial since it prevents job loss in domestic import-competing…

Q: Policymakers and economists have been trying to come up with the best policy mix to improve economic…

A: 1. Recession is one part of the economic cycle that can't be phased out it can be identified by…

Q: Which of the following is NOT a reason why countries impose tariffs on imports?   A. Protect…

A: International trade encompasses the exchange of products, services, jobs, and capital among nations.…

Q: When the United states puts tariffs on imports, who do you think ultimately pays these tariffs? Is…

A: Tariff is a form of tax which is imposed on the imported goods. So when a country levies tariffs on…

Q: The accompanying table gives data for Country X. Column 1 of the table is the price of a product.…

A: From the data, it is clear that the equilibrium price is $3 and the equilibrium quantity is 300…