Describe what a tariff is and its economic effects

Q: Give an outline of the following trade restrictions: Tariffs, Quotas, Export Subsidies and VERs.

A: Trade Restrictions is defined as the restrictions that are imposed on the trade of goods and…

Q: To protect consumers from potentially dangerous manufactured goods, the U.S. government is most…

A: License, Quota, Regulation, Tariff are all the types of trade barriers.

Q: d. Determine the quantity imported before and after the tariff. e. Determine the consumer surplus…

A: Before tariff is imposed: The quantity imported was (Qd - Qs) = (160 - 40) = 120 units.   After…

Q: How would direct subsidies to key industries be preferable to tariffs or quotas?

A: International trade allows nations to interact with one another via import-export of goods and…

Q: 10. (T/F) From a trade economist's point of view, quotas are preferred to tariffs because the…

A: 10. Tariffs have a more transparent effect than quotas.

Q: What impact would a tariff on Chinese goods have on the consumer? How about producers

A: Tariffs are taxes that are imposed on imports. They act as a type of protectionist trade barrier…

Q: Describe the structure of the tariff in the industrial countries?

A: A tariff is a duty forced by an administration of a country or of a supranational association on…

Q: What are tariffs? Why do governments impose tariffs on imported goods?

A: Tariffs are considered as government policy and it is used when an economy is an open economy.

Q: Problem 6. Consider a country A which imports two goods, X and Y, from another country. Consider…

A: The demand of country A: For X: Px = 300 – 4X For Y: Py = 300-4Y Supply of each good: For X: Px =…

Q: If the US government reduces the tariff on imported coffee will this affect the supply or the demand…

A: The trade is the exchange of goods and services between the producer and the consumer at a mutually…

Q: Put yourselves in the shoes of a buyer of a washing machine . . . how would the tariff affect your…

A: A tariff is only a tax or obligation. As a result, import duties may be collected on foreign goods…

Q: what is tariff and how does it effect the economy

A: Tariff is a type of trade barrier that has several forms. Tariff benefits few domestic sectors if…

Q: In 2019, Japan had a tariff on canola oil imports from Canada of 13.2 yen per kg. This same year,…

A: Equilibrium is achieved at the output level where quantity supplied equals quantity demanded.

Q: When trade in coffee is allowed with the rest of the world, consumer surplus decreases by $340.…

A: Consumer surplus before trade = 0.5 * (140-90) * 30 qty = 750 Consumer surplus after trade = 0.5 *…

Q: What is the General Agreement on Customs Tariffs and Trade? For what purpose do countries use the…

A: Countries that engage in trade are called open economies. Trade has been a potential weapon in these…

Q: A tariff is A. a tax imposed on imports. B. any non-subsidy used to increase trade. C. any non-tax…

A: Trade restrictive policy refers to the policies that place restrictions on the free trade, i.e…

Q: Under what conditions may a tariff actually make a country better off? Show it graphically and…

A: Tariff refers to the situation where the government imposes tax on the imported goods in order to…

Q: How much revenue will the Turkish government receive from the $10 per ton tariff?

A: If the government imposes a tariff of $10 per ton, the domestic price of wheat will increase to $50…

Q: Under what conditions may a tariff actually make a country better off?

A: Tariff is a type of tax imposed on goods being imported in the country.

Q: What is a tariff?  (a) A form of subsidy. (b) A tax on imported goods. (c) A tax on foreign…

A: International trade is the transfer of capital, goods and services across national borders and…

Q: The figure given below shows the market for computers in the U.S. The domestic price line inclusive…

A: Before tariff, the world price of the computer is $2000 which represent by world price line. At…

Q: Define tariff .

A: Tariff- A tax or duty imposed upon the traded material by the government of a country when it…

Q: The following is not the cost of the tariff a. area a b. area b  c. area d d. area a+b+c+d

A: A tariff is a type of tax that is imposed on imports of a country so that the imports decrease in a…

Q: The following table shows the effect of an import tariff on the nation of Isoland. Complete the…

A: In this question we have to find out the consumption tax are raises or not with the help of the…

Q: Why do low income countries have higher tariffs than high income countries?

A: Tariff is a tax imposed on imported goods and services. It is used to restrict trade. Trade taxes or…

Q: The aim of a tariff is to: (a) maximise total surplus. (b) protect domestic consumers. (c) protect…

A: Tariff is one of the government action in an open economy when it imposes tax on the imported goods…

Q: Using a domestic-market demand- and supply-curve graph, (a) show the impact of tariff on a small…

A: Since you have posted questions with several parts , I will answer the first three for you.

Q: Problem 6. Consider a country A which imports two goods, X and Y, from another country. Consider…

A: We see that demand for both X and Y are similar. They have the same price elasticity. The supply…

Q: In addition to the production and consumption side deadweight losses, what are some of the other…

A: A tariff or duty which is imposed by one country on the imported goods or services of another…

Q: Import demand is given by A   by the difference between the demand for a good and the supply of a…

A: International trade agreements govern the exchange of goods and services between two or more…

Q: Discuss the gains and losses from trade in terms of consumer and producer surplus.

A: consumer surplus is the measure of the difference between what a consumer wants and what a consumer…

Q: Examine the welfare and trade impacts of a large-country import quota.

A: To understand the impact of trade impacts of a large country , there are some assumptions that need…

Q: In what way are tariff revenues and quota rents similar?

A: Tariffs are the duties or types of taxes imposed on goods for income and protective purposes when…

Q: Economics When a new tariff is placed on imported furniture, which of the following is expected to…

A: Consumer surplus is the difference between the maximum willingness to pay of the consumer and the…

Q: Calculate the following measures: a. The domestic consumers' gain from removing the tariff. b. The…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: What are the similarities and differences between an important quota and an important tariff

A: Tariffs are taxes imposed on imported goods. The main purpose of tariff is to increase revenue and…

Q: Whatever can be done by a tariff can be done by a quota.

A: Whatever can be done by a tariff can be done by a quota  I disagree with statement  Tariff is the…

Q: If Guatemala is open to international trade in soybeans without any restrictions, it will import…

A: Answer: Introduction: Currently, the world price is $550 and at this price, the import is 180 tons…