Import tariff against a foreign monopolist a) welfare improving only if a foreign firm is not dumping b) welfare improving only if a foreign firm is dumping c) can increase domestic welfare d) always leads to a decrease in domestic welfare
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- Import tariff against a foreign monopolist a) always leads to a decrease in domestic welfare b) can increase domestic welfare c) welfare improving only if a foreign firm is dumping d) welfare improving only if a foreign firm is not dumpingA tariff protecting domestic monopolist will a) generally lead to a higher level of domestic welfare than an equivalent quota b) be always equal to an equivalent quota c) generally lead to a lower level of domestic welfare than an equivalent quota d) always improve welfare of a domestic countryA quota (as a barrier to trade) can best be described as:(1)
- consider a domestic monopoly in a small country that produces a good with the following inverse demand curve: P = 100 - 1/4Qd. The monopoly has marginal cost of MC = 20 + 1/2Q. In the absence of free trade, complete the following: A) Calculate the equilibrium price and quantity. B) Calculate the consumer surplus, producer surplus (note the shape), and total surplus. Now, suppose the home market opens up to free trade ant that the world price is $60 per unit. C) Calculate the home firm's quantity (supplied), home quantity (demanded), import quantity, and price. D) Calculate the consumer surplus, producer surplus, and total surplus. Now, suppose the home market opens up to free trade, but imposes a tariff of $10. E) Calculate the equilibrium price and…Identify four major crude oil traders in the world and the percentage of the market share.Using corporate examples of your choice explain the two following concepts:Two-part tariffs and Dumping pricing
- The measure of the US's garment intra-industry trade with the rest of the world is 0.2. This implies that the garment trade of the US is mostly based on... ag tion • a. Monopolistic Competition • b. Comparative advantage • c. Internal Increasing Returns to Scale • d. External Increasing Returns to ScaleThe following is not the cost of the tariff a. area a b. area b c. area d d. area a+b+c+dA government tariff will result in a. deadweight losses. b. higher prices for the goods imposed by a tariff. c. less output for that good. d. reduced consumer surplus. e. all of the above.
- If an economy is open to foreign trade of good X, imposing a tariff will reduce total surplus (total surplus being defined as consumer + producer surplus). Which of the following ideas best describes why we observe tariffs being use in practice? a. The government can be under political pressure to implement inefficient economic policy. b. The tariff revenue raised will outweigh efficiency losses. c. Economic analysis does not fully explain efficiency losses. d. Economic stability is not often a political incentive.Suppose that only one firm, Big Foot, sells footballs in the country and international trade of footballs including both exporting and importing is prohibited by government due to Big Foot’s successful lobby. The following equations indicates Big Foot’s market demand and total cost:• Demand: P = 5-0.5Q• Total Cost: TC = 1.5 + 0.5Q + 0.25 Q2where Q is quantity (in 1000) and P is the price measured in dollars. (i) Determine how many footballs Big Foot chooses to produce, the price it will set for its product and its expected profit. Illustrate your analysis with a propermarket diagram.(ii) Evaluate the size of deadweight loss cause by monopoly status of Big Foot. Suppose that the parliament passed a new law that not only allows everyone to sell footballs but also opens international trade of footballs. Suppose further that the market demand in the country remains the same while the price of football in the competitive global market is $3 including shipping and importation fee. Analyse…One problem with the infant industry argument is that a) it must be approved by th choicese Federal Reserve Board. b) the protection is typically never removed, creating a domestic monopoly. c) it must be approved by the IMF and the World Bank. d) it fails to protect domestic industries from foreign competition.
