Quotas may affect the terms of trade of the country imposing them. The effect of quotas on the terms of trade depends upon the elasticity of the foreign offer curves. True False
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Quotas may affect the terms of trade of the country imposing them. The effect of quotas on the terms of trade
depends upon the elasticity of the foreign offer
- True
- False
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- Country C imports 80,000 metric tons of steel from Country U and produces domestically 80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linear schedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and the price elasticity of domestic demand to be -0.25 in the current market equilibrium. Country C imposes an import duty of $150 per metric ton that caused the world price to fall by 10%. (a) Summarise and analyse the quantity of steel produced, consumed and imported in Country C. Analyse and discuss the welfare gain from trade in Country C. Show your answers of the steel market with a proper diagram. (b) Analyse the effects of the consumer surplus, producer surplus, government revenue and deadweight loss in the Country C steel market with the tariff. What are the terms of trade of the Country C steel market after the tariff was imposed? Explain the welfare effects of both countries.Consider the following fresh fish exports to GCCs (source: Annual Statistical Yearbook 2007) Year Price (000` RO) Quantity (Tons) 2007 1.03 7,347.8 2006 0.70 11,342.8 2005 1.08 7,902.0 Using midpoint method, compute the elasticity of demand between 2006 – 2007 and 2005 – 2006. Interpret your answers Describe two factors that affect price elasticity of demand for fish exported to GCCs. Do you think price elasticity of fish can positively inform trade policy decision makers in Oman? Why?Country C imports 80,000 metric tons of steel from Country U and produces domestically 80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linear schedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and the price elasticity of domestic demand to be -0.25 in the current market equilibrium. Country C imposes an import duty of $150 per metric ton that caused the world price to fall by 10%. Summarise and analyse the quantity of steel produced, consumed and imported in Country C. Analyse and discuss the welfare gain from trade in Country C. Show your answers of the steel market with a proper diagram. Imports steel from Country U = 80,000 metric tons of steel Produce domestically = 80,000 metric tons per year Country C total steel consumption = 160,000 metric tons per year Price of steel per metric ton = $500
- Country C imports 80,000 metric tons of steel from Country U and produces domestically 80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linear schedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and the price elasticity of domestic demand to be -0.25 in the current market equilibrium. Q: Summarise and analyse the quantity of steel produced, consumed and imported in Country C. Analyse and discuss the welfare gain from trade in Country C. Show your answers of the steel market with a proper diagram.Country C imports 80,000 metric tons of steel from Country U and produces domestically80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linearschedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and theprice elasticity of domestic demand to be -0.25 in the current market equilibrium. Country Cimposes an import duty of $150 per metric ton that caused the world price to fall by 10%. What are the terms of trade of the Country C steel market after the tariff was imposed? Explain the welfare effects of both countriesAnalyze the import on the market demand for cosmetics under the following situations: (a) A change in the sex ratio of the population increasing the females against males in number. (b) A general price rise in consumer product by 10 per cent. (c) An increase in excise duties on cosmetics.
- Reciprocal demand depends upon: Select one: a) The price of imports b) A change in economic growth c) The elasticity of demand for another country's production d) The price of exports e) The elasticity of demand for the country's own productionA large economy is looking to impose tariffs against one its trading partners. Of the key industries targeted, the proposed tariff on imported steel is 40%, and the proposed tariff on imported wheat is 75%. Assuming the levels of these tariffs are determined so as to maximize home welfare, which industry has a larger elasticity of export supply? Group of answer choices More information is needed The elasticities are identical between the two industries Steel WheatCountry C imports 80,000 metric tons of steel from Country U and produces domestically 80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linear schedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and theprice elasticity of domestic demand to be -0.25 in the current market equilibrium. Country C imposes an import duty of $150 per metric ton that caused the world price to fall by 10%. Summarise and analyse the quantity of steel produced, consumed and imported in Country C. Analyse and discuss the welfare gain from trade in Country C. Show your answers of the steel market with a proper diagram.
- Suppose the government imposes a quota on imports of foreign-made steel. Assume that the quota has an effect on the market for steal. The result will be that the domestic price of steel Answer 1 Question 8, the domestic production of steel Answer 2 Question 8, and imports of foreign-made steel Answer 3 Question 8Export Subsidy. Suppose the home country exports cloth and imports food. Show the impact of an export subsidy by the home country using the relative demand and relative supply curves for cloth. What is the impact on the home country's terms of trade? Make sure you label your graph and explain your reasoning.Country C imports 80,000 metric tons of steel from Country U and produces domestically 80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linear schedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and the price elasticity of domestic demand to be -0.25 in the current market equilibrium. Country C imposes an import duty of $150 per metric ton that caused the world price to fall by 10%. Analyse the effects of the consumer surplus, producer surplus, government revenue, and deadweight loss in the Country C steel market with the tariff. What are the terms of trade of the Country C steel market after the tariff was imposed? Explain the welfare effects of both countries.