8:28a bux.bracu.ac.bdLet us consider the case of Venezuela. A tariff isimposed on imported clothes in Venezuela. In thepresence of free trade, the quantity of clothesproduced locally in Venezuela was 15532 per year.After the imposition of tariff, the quantity ofclothes produced locally in Venezuela increasedby two-fifth (2/5) or 40% compared to theestimate of the previous sentence when there wasfree trade. The quantity of clothes bought locallyin Venezuela was 34470 per year before tariff. Thequantity of clothes bought locally in Venezueladecreased by 33% in the presence of tariffscompared to what it was during free trade.a) What was the quantity sold locally per year aftertariff ?Please give your answers in two decimal placesb) What is the quantity of clothes imported inVenezuela in a month on average after theimposition of the aforementioned tariff?Please give your answers in two decimal placesc) What is the percentage change in the quantityof clothes imported in Venezuela per year after theimposition of the aforementioned tariff comparedto free trade?Please give your answers in absolute value withoutpercentage sign and in two decimal places. If youranswer is -56.3452% write 56.35+6

A duty is a toll put on products imports and commodities by the public authority of a nation or a…

Answered: 8:28 a bux.bracu.ac.bd Let us consider…

Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter3: Global Business

Section3.3C: Reasons Against Trade Restrictions

Problem 1CC

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