Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 15, Problem 7SQ
To determine
The meaning of tariff.
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Students have asked these similar questions
A country produces two goods, soda and chips. It currently exports soda and imports chips. If it were to impose a tariff on chips,
A. imports of chips would rise, but exports of sodas would fall.
B. imports of chips would fall, but exports of sodas would rise.
C. both imports of chips and exports of sodas would rise.
D. both imports of chips and exports of sodas would fall
If a nation that imports a good imposes a tariff, itwill increasea. the domestic quantity demanded.b. the domestic quantity supplied.c. the quantity imported from abroad.d. the efficiency of the equilibrium
Suppose the European Union imposes trade sanctions (export quotas) on food sold to Russia. Imagine other nations do not increase their food exports to Russia. Which of the following does not happen?
A.
food prices increase in Russia
B.
consumer surplus declines in Russia
C.
food prices increase in the European Union
D.
export revenues decline in the European Union
Chapter 15 Solutions
Micro Economics For Today
Ch. 15.4 - Prob. 1GECh. 15.6 - Prob. 1GECh. 15 - Prob. 1SQPCh. 15 - Prob. 2SQPCh. 15 - Prob. 3SQPCh. 15 - Prob. 4SQPCh. 15 - Prob. 5SQPCh. 15 - Prob. 6SQPCh. 15 - Prob. 7SQPCh. 15 - Prob. 8SQP
Ch. 15 - Prob. 9SQPCh. 15 - Prob. 10SQPCh. 15 - Prob. 11SQPCh. 15 - Prob. 1SQCh. 15 - Prob. 2SQCh. 15 - Prob. 3SQCh. 15 - Prob. 4SQCh. 15 - Prob. 5SQCh. 15 - Prob. 6SQCh. 15 - Prob. 7SQCh. 15 - Prob. 8SQCh. 15 - Prob. 9SQCh. 15 - Prob. 10SQCh. 15 - Prob. 11SQCh. 15 - Prob. 12SQCh. 15 - Prob. 13SQCh. 15 - Prob. 14SQCh. 15 - Prob. 15SQCh. 15 - Prob. 16SQCh. 15 - Prob. 17SQCh. 15 - Prob. 18SQCh. 15 - Prob. 19SQCh. 15 - Prob. 20SQ
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Similar questions
- QUESTION 32 Which of the following statements is false? A. A quota is a tax levied against a specific good being imported into a country B. A tariff is a tax levied on imported goods C. A quota is a limit on the quantity of a good being imported into a country D. A tariff reduces the amount of imported goodsarrow_forwardAtariff is: a. A limit on the number of foreign goods enteringa country b. A tax on imported goods and services C. A tax on domestic goods and services O d. A limit on the number of foreign goods leaving a county limit on the number of foreign goods entering a countryarrow_forward7. Consider a country that imports a good from abroad.For each of following statements, state whether it istrue or false. Explain your answer.a. “The greater the elasticity of demand, the greaterthe gains from trade.”b. “If demand is perfectly inelastic, there are no gainsfrom trade.”c. “If demand is perfectly inelastic, consumers donot benefit from trade.”arrow_forward
- 3. State the effect of an export subsidy on the following: a. Price of the good in the exporting country. b. Price of the good in the importing country. C. Consumer surplus in the exporting country. d. Consumer surplus in the importing country. e. National welfare in the exporting country. f. National welfare in the importing country.arrow_forwardHow does the imposition of an import tariff by a country affect its domestic market for the imported goods? A. It increases the domestic supply, leading. to lower prices. B. It decreases the domestic supply, leading to higher prices. C. It increases the domestic demand, leading to higher prices. D. It decreases the domestic demand, leading to lower prices.arrow_forward1 of What is the effect of a tariff on the market price? Select one: a. It keeps the price of the exported good the same as the world price. b. It raises the price of the imported good above the world price. c. It lowers the price of the exported good below the world price. d. It lowers the price of the imported good below the world price.arrow_forward
- The diagram below shows a situation where the country would export the good. Price of Pencil Sharpeners $24 Domestic Supply World Price 16 12 Domestic Demand 4 Quantity of Pencil Sharpeners 200 300 450 a.) How much will it export if free trade is allowed? pencil sharpeners b.) If the country goes from autarky to free trade the producer surplus will increase by $arrow_forwardIf a nation that imports a good imposes a tariff, it willincreasea. the domestic quantity demanded.b. the domestic quantity supplied.c. the quantity imported from abroad.d. all of the above.arrow_forwardA numerical limit imposed by a government on the quantity of a good that can be imported into the country is known as a(n) A. tariff. B. quota. C. quantity floor. D. import ban. E. trade restriction.arrow_forward
- WHICH IS THE TAX IMPOSED ON THE IMPORTS Explain it also thank youarrow_forwardEconomics 4. Depict on graph and briefly explain economic consequences of export subsidy: • for domestic exporters; • for domestic consumers; • for government budget; • for national economic welfare as a whole.arrow_forwardQUESTION 1 How would decreasing an import tariff on a good affect producer surplus in a nation that imports that good? a. no effect b. decrease only if demand is inelastic c. decrease d. decrease only if demand is elastic e. increasearrow_forward
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