Principles of Economics (Second Edition)
2nd Edition
ISBN: 9780393614077
Author: coppock, Lee; Mateer, Dirk
Publisher: W. W. Norton & Company
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Chapter 32, Problem 4QFR
To determine
To explain:
The reason for foreign producers agree to quota rather than imposed tariff.
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Why would an importing country use a tariff rather than a quota?
Analyze the Economic Effects of Tariffs and Quotas. Give examples.
In 2019, Japan had a tariff on canola oil imports from Canada of 13.2 yen per kg. This same year, Japan imported approximately 35
million kg of canola oil from Canada.
How much tariff revenue did the Japanese government generate in 2019?
(Do not include the extra zeros for millions in your answer.)
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Principles of Economics (Second Edition)
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- Why do low income countries have higher tariffs than high income countries?arrow_forwardOne advantage of a tariff over a quota, from the perspective of the nation imposing it, is that a tariff decreases the domestic price increases the quantity of imports decreases the quality of imports raises tax revenuearrow_forwardWhen a large country imposes a tariff for a certain good it imports,it often affects the foreign price of the good as well. Is this statement true? Justify the answerarrow_forward
- The demand for cameras in a certain country is given by D = 8000 – 30P, where P is the price of acamera. Supply by domestic camera producers is S = 4000 + 10P. If this economy opens to tradewhile the world price of a camera is $50, and the government imposes a tariff of $30 per camera,what will be the quantity of cameras that this country imports or exports?arrow_forwardDirect investment should only be used when there is a low chance of success and the market has weak potential the market is stable and flat there is a low chance of success and the market has strong potential there is a high chance of success and the market has strong potential there is a high chance of success and the market has weak potentialarrow_forwardWhat are the benefits and costs of import tariffs?arrow_forward
- Carefully explain how the imposition of a tariff is different for a large country (that can affect the world price) than a small country. Show your work graphically and explain in words.arrow_forwardIdentify and explain who will make and lose money from this tariff.arrow_forwardThe Nigerian president decreases the amount of imported tea allowed into the country by 100 million pounds per year. Which trade is this?arrow_forward
- What would be the effects of imposing a quota on imported cars from Japan? Explain the effects for the American consumers and producers.arrow_forwardExamine the welfare and trade impacts of a large-country import quota.arrow_forwardWhich of the following is NOT a common reason why tariffs are used despite being inefficient?arrow_forward
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