Who are benefited from a tariff on imports?O A. producers andO B. producersgovernment.O C. consumers, producers, and government.O D. consumers

Answered: Who are benefited from a tariff on…

Who are benefited from a tariff on imports ? O A. producers and government. O B. producers O C. consumers, producers, and government. O D. consumers

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter28: International Trade

Section: Chapter Questions

Problem 10P

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Question

Who are benefited from a tariff on imports?
O A. producers and
O B. producers
government.
O C. consumers, producers, and government.
O D. consumers

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Explain how a subsidy on agricultural goods like sugar adversely affects the income of foreign producers of imported sugar.
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a) What is a tariff ? Does a tariff have a result from an import quota? b) Suppose a tariff allowed an industry to create 200,000 jobs paying an average of $22,500 per year. Before the tariff consumers bought 3 billion units (60% imported) at a price of $30. After the tariff they bought 2.75 billion units (none imported) at a price of $36. How much did total consumer spending on the good increase and how much per new job? c) True or False and explain: Free trade allows countries to specialize in producing those goods in which they have the comparative advantage, which in turn, results in increased world production and income.
a) Suppose the two countries engage in international trade, and that the international relativeprice of good (T) is 3 tons of good (D). Can there be mutually beneficial international tradebetween the two countries? If so, which are the patterns of comparative advantage, ofproduction and consumption, of exports and imports between the two countries? What arethe gains from trade for each country? b)