Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 7.3, Problem 4RQ
To determine
What are the effects of an import quota on domestic production, consumption, and price.
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To determine:
The impact of export subsidy.
The effect of an import quota is to
a.
lower the price and the quantity of imports.
b.
raise the price and the quantity of imports.
c.
raise the price and reduce the quantity of imports.
d.
raise the quantity and reduce the price of imports.
Import demand is given by
A
by the difference between the demand for a good and the supply of a good in the world market.
B
the import quota
C
the difference between the domestic demand for a good and the domestic supply for a good.
D
the difference between the domestic supply for good and the domestic demand for a good
Chapter 7 Solutions
Microeconomics (13th Edition)
Ch. 7.1 - Prob. 1RQCh. 7.1 - Prob. 2RQCh. 7.2 - Prob. 1RQCh. 7.2 - Prob. 2RQCh. 7.2 - Prob. 3RQCh. 7.3 - Prob. 1RQCh. 7.3 - Prob. 2RQCh. 7.3 - Prob. 3RQCh. 7.3 - Prob. 4RQCh. 7.3 - Prob. 5RQ
Ch. 7.4 - Prob. 1RQCh. 7.4 - Prob. 2RQCh. 7.4 - Prob. 3RQCh. 7.4 - Prob. 4RQCh. 7.4 - Prob. 5RQCh. 7 - Prob. 1SPACh. 7 - Prob. 2SPACh. 7 - Prob. 3SPACh. 7 - Prob. 4SPACh. 7 - Prob. 5SPACh. 7 - Prob. 6SPACh. 7 - Prob. 7SPACh. 7 - Prob. 8SPACh. 7 - Prob. 9SPACh. 7 - Prob. 10SPACh. 7 - Prob. 11SPACh. 7 - Prob. 12APACh. 7 - Prob. 13APACh. 7 - Prob. 14APACh. 7 - Prob. 15APACh. 7 - Prob. 16APACh. 7 - Prob. 17APACh. 7 - Prob. 18APACh. 7 - Prob. 19APACh. 7 - Prob. 20APACh. 7 - Prob. 21APACh. 7 - Prob. 22APACh. 7 - Prob. 23APACh. 7 - Prob. 24APACh. 7 - Prob. 25APACh. 7 - Prob. 26APACh. 7 - Prob. 27APACh. 7 - Prob. 28APA
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Similar questions
- Draw a supply and demand diagram for the purpose of demonstrating the welfare effects of a quota in a small country. Describe prices and trade before and after the imposition of the quota. Using areas on the diagram, calculate the total gains and/or losses from the imposition of a quota. Explain the impact on the various economic actors that are affected by the quota..arrow_forwardExplain the effects of an import quota on domestic production, consumption, and price. Further explain who gains and who loses from an import quota and why the losses exceed the gains.arrow_forwardExplain why consumer and producer surplus can be used to gauge the change in welfare caused by the export subsidy on individuals and firms.arrow_forward
- Analyze the impact of a decrease in tariffs (taxes) on imported flat screen televisions in the market for flat screen televisions.arrow_forwardUnder what conditions could an import quota and a tariff have exactly the same effect on price and bring the same gains and losses (given a tariff level that restricts imports just as much as the quota would)?arrow_forward
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