Import tariffs O All of these answers are correct Generate deadweight loss Decrease consumer surplus Generate revenue for the government. Increase producer surplus
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- Describe a scenario in which a trade surplus benefits an economy and one in which a trade surplus is economy in an economy that performs poorly. What key factor or factors are making the difference in the outcome that results from a trade surplus?Most economists believe that tariffs area. a good way to promote domestic economicgrowth.b. a poor way to raise general economic well-being.c. an often necessary response to foreigncompetition.d. an efficient way for the government to raiserevenue.The small happy Kingdom of Pollyanna does not trade with the rest of the world, but uses U.S dollars for its currency. Its domestic price of tofu is $1 per pound and the Kingdom produces and consumes 5 tons of tofu. The world price of tofu is just $0.50 per pound. At this price, the Kingdom would produce only 2 tons of tofu and would consume 8 tons of tofu, and thus have to import 6 tons of tofu. How much consumer surplus would the Kingdom gain from opening up to trade? (Note: 1 ton = 2000 lbs.)
- The domestic demand and supply of some good is as follows: Qd = 100 - 0.5P Qs = P - 50 The world price (which will not be affected by anything that we do) is $60. Assume that the government imposes a tariff of $40 per unit. Calculate: (a) the domestic price that will result if the tariff is imposed (b) the dollar gain or loss to domestic consumers (c) the dollar gain or loss to domestic producers (d) the government revenue from the tariff (e) the deadweight loss from the tariffDon't give handwritten answers please What do you mean by import tariff and import quota? Take an example and discuss the difference between tariffs and quotas with the help of graphs.If a nation that imports a good imposes a tariff, itwill increasea. the domestic quantity demanded.b. the domestic quantity supplied.c. the quantity imported from abroad.d. the efficiency of the equilibrium
- Tariff on tennis racquets Suppose a country imports tennis racquets. If the government introduces a tariff on tennis racquets, the tariff revenue it collects will exceed the reduction in CS to domestic buyers of racquets. a) true b) false Can someone help me to understand this question? If a tariff is imposed the consumer surplus will be reduced but do we if it will be greater than the revenue the government collects? any help will be appreciated.For a blue cheese to be called "Roquefort cheese," it must be aged in the natural Combalou caves of Roquefort-sur-Soulzon in France. Because Australia also has a specialized blue cheese, "Meredith Blue," which it wants to protect, the Australian government requires cheese importers to fill out additional paperwork to verify where all imported blue cheese is aged. In this (fictional) scenario, what non-tariff barrier to trade is Australia employing? A. Buy domestic program B.Environmental standards C.Import licenses D.Quantitiative restrictionsWhich one of the following is not a reason why import tariffs (duties or taxes) are imposed on products imported into a country?a) to protect domestic firms against competition from importsb) to raise government revenuec) to discourage consumption of goods that are seen as threats to human healthd) to provide revenue source for foreign country
- Small Island Developing States (SIDS), particularly our Caribbean islands, are normally accused by our economists of being import dependent. Why then are we always hesitant to impose Tariffs on imports to solve our Balance of Payments problems? Why would it be slow to work on our appetites? Discuss this issue in relation to the concept of Elasticity of Demand. Also, why is the Government always imposing more and more sin taxes on alcohol and cigarettes? Is the Government so concerned about our sins when we consume these demerit goods?Suppose a large country A initially imposed a tariff on its imports and is now considering removing its tariff. Use a domestic-market graph to a) show the effect of country A’s tariff removal on the world’s price, country A’s import price, import quantity, consumer surplus, producer surplus, and government revenue. b) identify country A’s net welfare change as a result of its tariff removal. Is country A unambiguously better off? c) Use a different graph to show how foreign producers will be affected by country A’s tariff removal? d) What factor determines the level of optimal tariff for country A? Please make sure to graph fpr both parts "a" and "c"Japan imposes a $2,800+/ton tariff on rice imports above 682,000 tons. Because the tariff makes imported rice too expensive, no country exports more than 682,000 tons of rice to Japan per year. Which trade barrier does this represent? A.Import licenses B. Dumping C.Quotas D. Subsidies