The following graph shows the domestic demand for and supply of barley in Canada. The horizontal green line shows the world price of $1 for a bushelof barley. Canada imports barley primarily from the United States. Assume that the amount demanded by any one country does not affect the worldprice of barley.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.(Note: Once you enter à value in a white fleld, the graph and any corresponding amounts in the grey fields will change accordinglv.)Graph Input ToolI Price(Dollars per bushel)SupplyDomestic demand(Mlions of bushels)Domestic supply(Mlions of bushels)45Imports(Milions of bushels)40Demandt0 15 20 25 30 35 40 45 s0QUANTITY (MIlions of bushels of barley)PRICE (Dolars) The Canadian government decides to impose trade restrictions on barley imports by setting a quota of 30 million bushels of barley. With the quota,the price of barley in Canada will be Sper bushel.The Canadian government explains that it is necessary to impose trade restrictions on barley to protect workers in the domestic barley industry.Assume that the Canadian government would like to generate government revenue through its protectionist policies. Which of the following wouldprovide the Canadian government with revenue? Check all that apply.O A quota on barley in which the quotas are distributed via lotteryO A tariff on U.S. barleyA quota on barley in which import licenses are auctioned off to U.S. barley producersO A quota on barley in which import licenses are given to the U.S. government for free distribution to U.S. barley producers

Tariff refers to the situation where the government imposes tax on the imported goods in order to…

The Canadian govermment decides to impose trade restrictions on barley imports by setting a quota of 30 million bushels of barley. With the quota the price of barley in Canada will be S per bushel. The Canadian government explains that it is necessary to impose trade restrictions on barley to protect workers in the domestic barley industry. Assume that the Canadian government would like to generate government revenue through its protectionist policies. Which of the following would provide the Canadian government with revenue? Check all that apply. O A quota on barley in which the quotas are distributed via lottery OA tariff on U.S. barley A quota on barley in which import licenses are auctioned off to U.S. barley producers O A quota on barley in which import licenses are given to the U.S. government for free distribution to U.S. barley producers

The Canadian govermment decides to impose trade restrictions on barley imports by setting a quota of 30 million bushels of barley. With the quota the price of barley in Canada will be S per bushel. The Canadian government explains that it is necessary to impose trade restrictions on barley to protect workers in the domestic barley industry. Assume that the Canadian government would like to generate government revenue through its protectionist policies. Which of the following would provide the Canadian government with revenue? Check all that apply. O A quota on barley in which the quotas are distributed via lottery OA tariff on U.S. barley A quota on barley in which import licenses are auctioned off to U.S. barley producers O A quota on barley in which import licenses are given to the U.S. government for free distribution to U.S. barley producers

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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