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1. Explain in detail the difference between nominal and “real” tariffs?
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- 1. Explain in detail a) What is the welfare impact of quotas compared to tariffs? b) Which one of the two (quotas or tarrifs) is a more flexible tool to use?6. The arguments for restricting trade Suppose there is a policy debate regarding the United States' Imposing trade restrictions on Imported semiconductors. Read the following scenario and answer the question that follows. A senator from a state with several semiconductor factories argues that the United States should threaten to impose a tariff on Chinese semiconductors in order to induce the Chinese to remove its tariff on American cars. Which of the following justifications is the senator using to argue for the trade restriction on semiconductors? O Jobs argument O National-security argument O Unfair-competition argument O Using-protection-as-a-bargaining-chip argument O Infant-industry argument3. A fruit is traded in a competitive world market, and the world price is $10 per pound. The consumer quantity in this price is 100 million tonnes. One year later, overall fruit prices increase to $15 and total consumer level fall to 90 million tonnes. Under this circumstance, what is the price elasticity of demand fruit?
- Suppose an oil embargo results, and 30% reduction in the supply of gasoline in the US and the price of electricity of demand for gasoline in the US is $.50 for the suppose the pre-embargo price of gasoline is 150 per gallon. . What is the price of gasoline will be.4. Variable levies The following graph shows the market for wheat in the European Union (EU). The world price of wheat is $2.00 per bushel, so Sworld represents the world supply assuming that the EU cannot affect the world price of wheat. To support the agricultural sector, the EU guarantees a certain price for the farmers by imposing a variable levy of $2.00 per bushel to limit the import of wheat. On the graph, use the purple line (diamond symbol) to show the support price the farmers receive due to the variable $2.00 levy. Note: Select and drag the line segment from the palette to the graph. Then select a point on the line segment and drag it to its desired position. PRICE (Dollars per bushel) 10.00 DEU 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0 0 SWorld 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 WHEAT (Bushels) SEU Support Price 'World,New ? Fill in the following table by entering the quantities for production, consumption, and imports of wheat in the EU before and…Q30
- Suppose the U.S. imposes a trade embargo onNorth Korea in order to exert political pressureon the government. Consider how the embargowill affect U.S. producers. Under what conditionswould they support the embargo? Why mightthey oppose it?Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Consider a world with two countries - USA and Foreign and a competitive market of sugar in both countries. Foreign is more effecient in the production of sugar and in a free trade equilibrium, US would import part of its consumption of sugar. Describe graphically such trading equilibrium of sugar. What would be the effect on the sugar price in USA and on the welfare (measured by consumer surplus, pro- ducer surplus and tari§ revenue) of US when US imposes an import tariffs on sugar? Argue using a graph taking into consideration that US is a large sugar importing country.
- 217. Suppose the domestic demand and supply for T-shirt are as follows: Demand: P = 100-Q Supply: P = 4 +3Q Assume that the world price is R50. Suppose the government introduces a tariff of R5. Calculate the deadweight loss in the economy as a result of the tariff. (Round off to the second decimal place.)