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A large enough production subsidy can turn an imported product into an exportable product. A) false B) true
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- The increase in prices resulting from the levy of import duty usually reduces the consumption capacity of thepeople. True FalseTariff is a tax levied on a particular foreign product entering a country.True or Falseoccurs when a company exports to a foreign market at a price that is either lower than the domestic prices in that country or less than the cost of production.
- Objective of importationExporting countries Which of the following will be true, everything else remaining constant, for a country that exports some good? a)The greater the price elasticity of supply for the good in the exporting country, the greater the volume of exports. b) The more that consumers in the exporting country respond to a change in price, the greater will be the gains from trade. b) The smaller the price elasticity of demand and supply in the exporting country, the greater the gains from trade. c) Some domestic suppliers will lose surplus while others will gain surplus. Choose the statements that match the question and briefly explain your reasoning to understand the question better. Thankyou.Advantages of implementation of import ban on certain products.
- Government standards for products sold in the domestic market can have the effect of protecting domestic producers from foreign competition. True FalseFor a large country import tariffs will yield a price increase for domestic consumer that is A higher than the tariff itself B equal to the tariff itself C smaller than the tariff itselfAn increase in the demand for US goods imported into South africa will have the following impact in the South African market: The volume of exports will increase. True False
- What is a tariff? (a) A form of subsidy.(b) A tax on imported goods.(c) A tax on foreign property.(d) A form of quota.Which of the following might be considered a cost to protecting domestic jobs in the steel producing industry by blocking steel imports? Less consumer surplus for those who use products made of domestic steel Fewer jobs in industries that use steel Higher prices of steel for domestic industries that use steel All of these might be considered costsA big country with a good's demand described by P = 150 - 3Q and a good's supply described by P = 40 + 2Q implements a $8 tariff, which ultimately decreases the world price from $66 to $64. (a) Calculate the total surplus under each scenario: no trade, free trade, and protected trade. (b) Calculate the distortion loss that is created by the tariff. (c) Suppose the tariff led to an increase in the current account, while primary budget deficit and private saving both increased as well. What happened to the economy's investment?