10.05X Answered - Incorrect • 1 attempt leftWhat is a tariff?A tax imposed on exported productsthat lowers the domestic price belowthe world price.АA tax imposed on exported productsthat fixes the domestic price equal tothe world price.ВA tax imposed on imported productsthat lowers the domestic price belowthe world price.Your answerA tax imposed on imported productsthat raises the domestic price abovethe world price.

Correct : D. A tax imposed on imported products that raises the domestic price above the world…

Answered: What is a tariff? A tax imposed on…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 5CQQ

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Similar questions

Why might the unsafe consumer products argument be a more effective strategy (from the perspective of the importing country) than using tariffs or quotas to restrict imports?
Why might Belgium, France, Italy, and Sweden have a higher export to GDP ratio than the United States?
The US has just reduced its tariffs for agricultural imports. Which of the following statements is TRUE about the impact of this policy change on the welfare of other countries when US is large enough to affect world prices with this policy change?Select one:a.The consumers and producers in net exporting countries become better off but the consumers and producers in other net importing countries become worse off.b.The consumers and producers in net exporting countries become worse off but the consumers and producers in other net importing countries become better off.c.The consumers in all other trading countries become worse off and the producers in all other trading countries become better off.d.The consumers in all other trading countries become better off and the producers in all other trading countries become worse off.
The figure shows a country’s domestic supply and demand curves for a good, as well as the world price, Pw, for the good that it faces, as a small country, on the world market. Initially, the country is exporting X1 units of that good at that price. Suppose that producers in this industry lobby policy makers to provide them with some sort of assistance to help them export even more. Policy makers are considering an export subsidy. What area represents the loss to the consumers from this subsidy? Group of answer choices a a+b a+b+c zero (consumers do not lose)
Suppose that the current international price of wheat is $6 per bushel and that the United States is currently exporting 30 million bushels per year. If the United States suddenly became a closed economy with respect to wheat, would the domestic price of wheat in the United States end up higher or lower than $6? a. Higher. b. Lower. c. The same.
The figure shows a country’s domestic supply and demand curves for a good, as well as the world price, Pw, for the good that it faces, as a small country, on the world market. Initially, the country is exporting X1 units of that good at that price. Suppose that producers in this industry lobby policy makers to provide them with some sort of assistance to help them export even more. Policy makers are considering an export subsidy. What area represents the benefit to the producers from this subsidy? Group of answer choices b+c+d a+b+c c+d a+b

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