Do you think that the United States should phase out dependence on imported oil?

Q: Demand: P=420-60Qd Supply: P=2+20QS a. With free trade and an international price of $60 per barrel,…

A: Demand : P = 420 - 60Q 60Q = (420-P) Q = (420-P)/60   Supply : P = 2 + 20Q 20Q = (P-2)  Q = (P-2)/20…

Q: If demand for a country's export good rises, other things being equal, will both the commodity terms…

A: If demand for country export goods rises this will lead to an increase in the Price index=Px/Pi or…

Q: What would happen to U.S. economic welfare if the U.S. eliminated tariffs on solar panel imports? A.…

A: Elimination of tariff would eliminate dead weight loss, thereby increasing Economic welfare.

Q: Would tariffs on imported wine be a price floor?

A: Imports are restricted via tariffs. Simply expressed, they raise the price of imported products and…

Q: Why do governments impose tariffs?

A: Meaning of Tariffs and Quotas: The term tariff refers to the situation under which when any goods…

Q: Under autarky, the equilibrium quantity of chairs in India is 101022 per year. Once free trade is…

A: When there was trade restrictions, that is the point of autarky, the demand and supply both of…

Q: The graph depicts the market for oil, with the assumption that the United States can import any…

A: Consider the following figure:

Q: Describe the potential advantages to the economy if the government offers an export subsidy

A: A subsidy refers to benefits provided by the government to firms or households. These benefits are…

Q: When a large country imposes a tariff for a certain good it imports,it often affects the foreign…

A: In the international market, large and small, all type of countries enter to make trade according to…

Q: import and export?

A: Imports are the goods and services, purchased from the rest of the world by a country, rather than…

Q: If Alabama imports 10 bushels of peaches and exports 40 bushels of tomatoes, trade allows Alabama to…

A: The concept is based on comparative advantage trade. When we look at the graphs, we are able to…

Q: What is an export supply curve? What is an import demand curve? How do such curves relate to the…

A: Export demand curve: This is an upward sloping curve which represents the goods and services…

Q: Why Japan is dependent on food import?

A: Definition: An import is a decent or administration purchased in one country that was delivered in…

Q: Answer in 5 sentences each questions. 1. What would happen to a country if they limits the…

A: Answer-

Q: If there is a net loss to society from tariffs, why do tariffs exist?

A: A tariff refers to the tax imposed by the government on goods imported into the country.

Q: Small Island Developing States (SIDS), particularly our Caribbean islands, are normally accused by…

A: Since you have asked multiple questions, we have answered the first question for you. If you want…

Q: At a world price of $60, will the domestic quantity supplied be greater than, less than, or equal to…

A: In economics, demand is the quantity of a good that consumers are willing and able to purchase at…

Q: Belgium is a small country which produces and consumes gooseberries. The quantity demand of…

A: Given:P=rs.15Qd=120-4PQd=120-4(15)Qd=120-60Qd=60

Q: xplain how government use administrative trade to boost export and restrict imports. Provide an…

A: The policy which is executed by the government to control the imports in the nation is termed…

Q: What would happen to U.S. economic welfare if the U.S. eliminated tariffs on solar panel imports? A.…

A: Tariff results in deadweight loss.

Q: In 2015, the European Commission proposed giving individual member states the right to ban imports…

A: Genetically Modified Organisms(GMO) are products that have been worked on in laboratories to…

Q: Which of the following is NOT a common reason why tariffs are used despite being inefficient?

A: Tariffs are by and large forced for one of four reasons  To shield recently settled homegrown…

Q: What is the range for mutually beneficial trade between the United Kingdom and Spain for each…

A: When various nations engage in the exchange of commodities and also services, it is known as…

Q: How did the laws or policies relating to importation of oil/petroleum of countries affect the…

A: Consumers are accustomed to seeing products from all over the world at their local grocery stores…

Q: Which of the following is likely to occur if a tariff is imposed on the market? (Assume that the…

A: Imports refers to the difference between quantity supplied and quantity demanded. Imports occur when…

Q: Summarize the arguments in support of restricting imports.

A: A country is said to be an open economy when it trades with other country. Free trade occurs when…

Q: Suppose that the U.S. increases its tariffs on all imported goods. Obviously, this will have an…

A: Trade is important for all countries of the world. Some countries have certain resources in…

Q: Suppose that the current international price of wheat is $6 per bushel and that the United States is…

A: International trade refers to the exchange of goods and services between countries in the…

Q: In reference to tariffs, What is the reason that U.S. imposes tariffs? why the U.S. imposes tariffs…

A: United States is an open economy due to which its makes an import and export of various products and…

Q: If a smaller country imports a good (electronics) from a larger country, is it beneficial for the…

A: International trade is essentially the buying and selling of goods and services between countries. A…

Q: Of the following countries, which is the most dependent on imported oil?   a. Japan   b. The…

A: petroleum-based industries portray a wide scope of regular hydrocarbon-based substances and refined…

Q: The accompanying table gives data for Country X. Column 1 of the table is the price of a product.…

A: From the data, it is clear that the equilibrium price is $3 and the equilibrium quantity is 300…