Tariff O people who favor few or no trade restrictions O people who favor trade barriers that protect domestic industries O tax placed on imports to increase their price in the domestic market
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- Georgia and Moldova are famous for their quality of wine and the United Kingdom decides to start importing from them. There is an 5£ tariff on imported wine. Considering the graph below, where does the UK buy its wine from and how much does it cost on the domestic market? Price per bottle £10 £7 Moldovan price £5 Georgian price UK demand for imported wine Quantity (millions of bottles per year) 10 15 22 Suppose the UK joins a trade bloc with Moldova and maintains its 5£ tariff on wine from outside the bloc. a) What will the new domestic price be? b) How much do consumers gain/lose? c) How about the government? d) Is there trade creation or trade dıversion or both? e) How much does the UK gain/lose?The nation of Theopolis recenty put a tariff on the importation of washing machines. Which of the following statements is true based on this information? (a) This tariff harms consumers in Theopolis who buy washing machines (b) This tariff benefts the producers of washing machines in Theopolis (c) This tarif hurts the producers of washing machines in other countries that export to Theopolis (d) The tariff will increase overall weltare in Theopolis Explain all the false answers also10 10 20 30 40 50 60 70 80 90 100 Baseball caps (thousands per month) Suppose that the world price of baseball caps is €1 and there are no import restrictions on this product. Assume that Spanish consumers are indifferent between domestic and imported baseball caps. Instructions: Enter your answers as whole numbers. a. What quantity of baseball caps will domestic suppliers supply to domestic consumers? thousand b. What quantity of baseball caps will be imported? thousand Now suppose a tariff of €1 is levied against each imported baseball cap. C. After the tariff is implemented, what quantity of baseball caps will domestic suppliers supply to domestic consumers? thousand d. After the tariff is implemented, what quantity of baseball caps will be imported? thousand Price (€ per cap)
- What is the effect of placing tariffs on products imported into the U.S. from other countries? Are there any problems with this?Assume two countries, Thailand (T) and Japan (J), have one good: cameras. The demand (d) and supply (s) for cameras In Thailand and Japan is described by the following functions: QsT=-5+14P QsJ=-10+14P QdT=60-P QdJ=80-P P is the price measured in a common currency used in both countries, such as the Thai Baht. Compute the equilibrium price (P) and quantities in each country without trade. Now assume that free trade occurs. The free-trade price goes to 56.36 Baht. Who exports and Imports cameras and in what quantities?The country of Pepperland exports steel to the Land of Submarines. Information for the quantity demanded (Qd) and quantity supplied (Qs) in each country, in a world without trade, are given in Table 34.6 and Table 34.7. What would be the equilibrium price and quantity in each country in a world without trade? How can you tell? What would be the equilibrium price and quantity in each country if trade is allowed to occur? How can you tell? Sketch two supply and demand diagrams, one for each country, in the situation before trade. On those diagrams, show the equilibrium price and the levels of exports and imports in the world after trade. If the Land of Submarines imposes an anti- dumping import quota of 30, explain in general terms whether it will benefit or injure consumers and producers in each country. Does your general answer change if the Land of Submarines imposes an import quota of 70?
- QUESTION 4 In the graph below, the quantity of imports before and after imposing a $2 tariff would be Domestic Supply $10 $8 $6 0 0 0 0 с 50, 40 50, 20 40, 30 30, 10 30, 20 DEFO 20 30 & 9 World P Domestic D Q (millions of towels) QUESTION 5 If Mexico subsidizes its textiles, making it impossible for U.S. producers to compete, the appropriate response is for the U.S. to enact an equal subsidy so that there is a level playing field of competition in text U.S. economic well-being would be maximized by purchasing subsidized textiles from Mexico. a tariff on textiles would improve economic well-being in the U.S. None of the above is a true statement. the appropriate response is to threaten to retaliate with an equal subsidy and enact it if the Mexicans do not reduce their subThe following graph shows the domestic supply of and demand for soybeans in Guatemala. The world price (Pw) of soybeans is $540 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of soybeans and that there are no transportation or transaction costs associated with international trade in soybeans. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. TRICKY YALL 855 820 PRICE (Dollars per ton) 785 750 715 680 645 610 575 540 Domestic Demand 105 0 40 A Domestic Supply Pu NO 120 160 200 240 260 320 340 400 QUANTITY (Tons of soybeans) If Guatemala is open to international trade in soybeans without any restrictions, it will import Suppose the Guatemalan government wants to reduce imports to exactly 160 tons of soybeans to help domestic producers. A tariff of tons of soybeans. perWhat are the benefits and costs of import tariffs?
- Korea’s demand for computers isQK = 2, 000 − PkIts supply isQK = −200 + PkChina’s demand for computers isQC = 1, 000 − Pc Its supply isQC = Pc1. Suppose that Korea imposes a specific tariff of $100 on computerimports. Calculate the price of computers in each country and thequantity of computers supplied and demanded in each country. Alsocalculate the volume of trade.Price $11.00 $7.50 $6.00 $4.00 D 4 6 12 15 Quantity The graph above shows the demand and supply of wrenches for the country of Spain. 5. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, Spain produces and imports wrenches. 6. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, how much tariff revenue will the Spain's government collect?What are tariffs? How do tariffs affect consumers and producers well- being?
