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- Explain how a tariff reduction causes an Increase in the equilibrium quantity of imports and a decrease in the equilibrium price. Hint: Consider the Work It Out Effects of Trade Barriers.In its recent report, The Conference Boards Global Economic Outlook 2015, updated November 2014 (http://www.conference-board.org/data/ globaloutlook.cfm), projects Chinas growth between 2015 and 2019 to be about 5.5%. International Business Times (http//www.ibtimes.com/us-exports-china-have rown-294-over-past-decade- 1338693) reports that China is the United States third largest export market, with exports to China growing 294 over the last ten years. Explain what impact China has on the U.S. economy.Explain how a subsidy on agricultural goods like sugar adversely affects the income of foreign producers of imported sugar.
- The table gives data for the nation of South Hampton. There are no imports into or exports from South Hampton. Real GDP, Y (billions of 2012 dollars) Consumption expenditure, C (billions of 2012 dollars) Investment, I (billions of 2012 dollars) Government expenditure, G (billions of 2012 dollars) 100 150 150 100 200 200 150 100 300 250 150 100 400 300 150 100 500 350 150 100 600 400 150 100 700 450 150 100 800 500 150 100 900 550 150 100 The equilibrium level of real GDP is A. $600 billion. B. $800 billion. C. $400 billion. D. $500 billion. E. $700 billion.The graph depicts the market for oil, with the assumption that the United States can import any amount of oil it chooses at the world free trade price. Adjust the graph to reflect what happens when a 50% import tax is imposed on oil. (graph in the image) Approximately how many million barrels are imported before the tax is imposed? imported oil:_________million barrels Approximately how many million barrels are imported after the tax is imposed? imported oil:________million barrelConsider a demand curve where Q = 20-3P and two supply curves where Q = P + 2 (closed economy) and P = 2 (open economy). a- Draw these three curves on the same captioned graph (add your graph to the appendix) b- What are the price and the equilibrium quantity in a closed economy. c- Evaluate the gains for consumers in an open economy as well as the gains and losses for local and foreign producers. (index: price, quantity consumed, quantity produced locally, imports. Make a comparison between closed economy and open economy.) Calculate the social surplus in an open economy. d- If the government establishes an import quota of 8 units, what will be the changes compared to the previous situation (open economy without protection); calculate the social surplus in this case. e- How much should the price per unit be fixed so that the results are the same as those obtained in question d. f- What should be the price so that the market is distributed one third, two thirds between local…
- Suppose Egypt wants to open its trade borders tothe world market for natural gas. What will determine whether Egypt becomes a net-exporter ornet-importer of natural gas? If Egypt becomes anet-exporter, will domestic supply be equal to, lessthan, or greater than domestic demand?Brazil is one of the world’s largest exporters of beef and China is a major purchaser of that beef (an estimated 30% of China’s beef imports in 2016 came from Brazil). However, in March 2017, China, South Korea, the European Union, and Chile suspended imports of meat products from Brazil as a precautionary measure in response toallegations that meat inspectors and politicians had received bribes to overlook improper meat packing practices and allow sales of tainted food. How would the closing of export markets for a country’s beef products together with a fall in domestic sales of beef products and an increase in the domestic equilibrium quantity be reflected in supply-anddemand diagrams of that country’s foreign and domestic markets for beef in the short run?At one point Canada’s GDP was $1,800 billion and its exports wer e $542 billion.What was Canada’sex portratio at this time?
- How does global import and export business impact goods from a supply demand perspective when we can create these resources in the US?The tsunamis that hit Japan in 2011 and India and Sri Lanka in 2004 were devastating, and their effects were felt for many years afterward. Natural disasters of this type as well as international events often result in severe disruptions to the supply ofallegations that meat inspectors and politicians had received bribes to overlook improper meat packing practices and allow sales of tainted food. How would the closing of export markets for a country’s beef products together with a fall in domestic sales of beef products and an increase in the domestic equilibrium quantity be reflected in supply-anddemand diagrams of that country’s foreign and domestic markets for beef in the short run?Both countries agree that one tonne of steel can be exchanged for one tonne of oil. Calculate the gains after trade is allowed if Country A consumes 30 tonnes of oil domestically.
