Principles of Microeconomics, California Edition
2nd Edition
ISBN: 9780393622102
Author: Dirk Mateer, Lee Coppock
Publisher: NORTON
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Chapter 19, Problem 5QR
To determine
Impact of tariffs over the exports.
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Is it good or bad for American consumers when the United states puts tariffs on imports?
What are tariffs? How do tariffs affect consumers and producers well- being?
What is the effect of placing tariffs on products imported into the U.S. from other countries? Are there any problems with this?
Chapter 19 Solutions
Principles of Microeconomics, California Edition
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- From the Work It Out Effects of Trade Barriers, you can see that a tariff raises the price of imports. What is interesting is that the price rises by less than the amount of the tariff. Who pays the rest of the tariff amount? Can you show this graphically?arrow_forwardPlease help.arrow_forwardDo you tariffs also reduce the volume of exportsarrow_forward
- The graph above is the U.S. market for some imported good. Supply is a flat curve. The U.S. can import the Chinese good for $40 and the Mexican good for $48. Assume the U.S. imposes $10 tariffs on each unit of the imported good. What will be the quantity imported? From which country? How your answer will change if the U.S. keep the $10 tariffs but join a trade bloc with Mexico? Will the country’s wellbeing increase or decrease? By how much (hint find the change in consumer surplus and the change in government revenue)? Explain your answers.arrow_forwardWhich of the following is NOT a reason why countries impose tariffs on imports? A. Protect domestic industries B. Retaliation C. National security D. None of the abovearrow_forwardHow do tariffs impact domestic industries and international trade relationships?arrow_forward
- When the United states puts tariffs on imports, who do you think ultimately pays these tariffs? Is it the foreign companies selling here, American consumers, or both?arrow_forwardwhat is the rational for a country that promotes free trade to put tariffs on some imported goods and services?arrow_forwardThe following figure represents a small country imposing a tariff against the imports of a good. The two horizontal line are the world price(pw) and the world price with tariffs (pw+t). The other two curves are the Home Supply Curve(upward slopping) and the Home Demand Curve(downward slopping). About this picture, what is true? 120 100 Price 60 80 60 00 40 30 20 Home Country 10 0 40 80 120 140 160 Demand Curve Supply Curve Pw Pw+tarrow_forward
- Which of the following statements regarding tariffs is wrong? - A tariff reduces the gains from trade - A tariff makes domestic producers worse off - A tariff is a tax on imports - A tariff moves a market closer to the equilibrium than would exist without tradearrow_forwardWhen a tariff is imposed on a good, the price to consumers _____ and the amount imported _____.arrow_forward
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