Briefly define and explain tariffs.

Q: The graph shows the car market in Mexico when Mexico places no restriction on the quantity of cars…

A: A quota is a direct restriction on the quantity of imports. In this instrument of trade policy…

Q: The following graph represents the domestic supply and demand for wheat in Turkey. $100 55 50 40 75…

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

Q: Why do governments impose tariffs?

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

Q: (i) What is the difference between tariff rate quotas and quantitative restrictions?

A: A product or service purchased in one country but manufactured in another is known as an import. The…

Q: A country imposing a tariff can benefit in terms of social welfare if A. If it is large. B. If it…

A:

Q: Using the graph, assume that the government imposes a $1 tariff on textiles. Answer the following…

A: 1) After the imposition of a $1 tariff on textiles  The domestic price is $6 and after the tariff,…

Q: protective measure, a quota is more effective than a tariff. B. A tariff seeks to discourage

A: To find : Whether the statement is true or false.

Q: nge over

A: Trade elasticities are being given by weighted averages of elasticities of substitution being…

Q: What impact would a tariff on Chinese goods have on the consumer? How about producers

A: Tariffs are taxes that are imposed on imports. They act as a type of protectionist trade barrier…

Q: What are tariffs? Why do governments impose tariffs on imported goods?

A: Tariffs are considered as government policy and it is used when an economy is an open economy.

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

A: Given  Domestic demand equation of camera: D=8000-30P Domestic supply equation of camera: S=4000+10P…

Q: what is tariff and how does it effect the economy

A: Tariff is a type of trade barrier that has several forms. Tariff benefits few domestic sectors if…

Q: What is the General Agreement on Customs Tariffs and Trade? For what purpose do countries use the…

A: Countries that engage in trade are called open economies. Trade has been a potential weapon in these…

Q: Assume the United States is an importer of televisions and there are no trade restrictions. U.S.…

A: Meaning of Trade: The term trade refers to the situation under which the products and goods are…

Q: Suppose the nation of Isoland is an importer of textiles and is looking for a way to raise…

A: The tax imposes on the consumption will increase the price from "Pw" to "Pw +T" and reduce the…

Q: Use Supply and Demand graphs to support your answer in each of the following cases: A: What happens…

A: Part d)When there is an export duty imposed on exports, producers don't get the world price for…

Q: Why do economists believe that a a tariff is better than an import quota? (Actually most economists…

A: Both the quota and tariffs increase the deadweight loss in the economy quotas. Quota affects the…

Q: What is the effect of placing tariffs on products imported into the U.S. from other countries? Are…

A: Import Tariffs: It refers to the tariffs that are imposed on the imported goods. They increase the…

Q: Briefly explain the effects of the following policies on agricultural sector: i) Import Tariffs;…

A: Agriculture sector is considered as the primary and important sector of any country because it is…

Q: The graph attached shows the car market in Mexico when Mexico places no restriction on the quantity…

A: 1. The world price of a car = $10,000, Suppose if the government of Mexico introduces a $2,000…

Q: Malaysia places a limit on the amount of cars that can be imported into the country. This is an…

A: In a country, any government action that reduces imports of the country will be considered as trade…

Q: What is a tariff?  (a) A form of subsidy. (b) A tax on imported goods. (c) A tax on foreign…

A: International trade is the transfer of capital, goods and services across national borders and…

Q: The figure given below shows the market for computers in the U.S. The domestic price line inclusive…

A: Before tariff, the world price of the computer is $2000 which represent by world price line. At…

Q: Define tariff .

A: Tariff- A tax or duty imposed upon the traded material by the government of a country when it…

Q: Analyze the following graph of a the effects of a tariff: Would imposing a price floor of $112…

A: Concept of Price floor When a price is charged that is higher or lower than the equilibrium price…

Q: Why do low income countries have higher tariffs than high income countries?

A: Tariff is a tax imposed on imported goods and services. It is used to restrict trade. Trade taxes or…

Q: Suppose the U.S. imposes a tariff of $1 per pound of sugar on imports. What is the equilibrium price…

A: New equilibrium price with tariff = $2 + $1 = $3 Quantity of sugar with tariff: QT = 8 – 3 QT = 5

Q: The aim of a tariff is to: (a) maximise total surplus. (b) protect domestic consumers. (c) protect…

A: Tariff is one of the government action in an open economy when it imposes tax on the imported goods…

Q: 4. Effects of a tariff on international trade The following graph shows the domestic supply of and…

A: According to the given graph, the world price is $530, and the domestic equilibrium price is $720,…

Q: What are the benefits and costs of import tariffs?

A: Benefits of import tariffs :  It is one of the best source of government revenue.  Tariffs are a…

Q: Discuss the gains and losses from trade in terms of consumer and producer surplus.

A: consumer surplus is the measure of the difference between what a consumer wants and what a consumer…

Q: Responding to a case brought by the Dillon Corporation, Florida of U.S., for the purpose to expand…

A: DUMPING : A special case of price discrimination occurs when a producer is selling in two markets,…

Q: To determine: The impact of export subsidy.

A: A subsidy is a government incentive which can be given to firms or individuals in different forms…

Q: Under what conditions could an import quota and a tariff have exactly the same effect on price and…

A: Government tries to protect the domestic industries from foreign competition with the help of…

Q: Why does the efficiency of an import tariff depend on the price elasticity of demand?

A: Price elasticity of demand measures the responsiveness of percentage change in quantity demanded due…

Q: What are the similarities and differences between an important quota and an important tariff

A: Tariffs are taxes imposed on imported goods. The main purpose of tariff is to increase revenue and…

Q: A trade surplus occurs when..............exceeds..............

A: Expenditure approach: GDP = consumption + investment+ government expenditure + net exports where,…

Q: C Price (S) Pworld tariff Pworld Dnz Os Qd1 Qd Quantity Import (after tariff) Import (before tariff)…

A: Consumer surplus arises when maximum price consumers are willing to pay is greater than market…