A country imposing a tariff can benefit in terms of social welfare if  If it is large. If it is small. If it is unskilled-labour intensive. If it is skilled-labour intensive. Explain your answer in up to 200 words and using a diagram

Q: If the demand of an imported good is perfectly inelastic, a tariff imposed on its import will be: a.…

A: When demand for the imported good is perfectly inelastic, quantity demanded does not decrease at all…

Q: Analyze the Economic Effects of Tariffs and Quotas. Give examples.

A: Trade restrictions are any impediments, in whatever form, that are put in the way of the imports and…

Q: Explain the possible welfare impact of restoring the import tariff for surgical masks. Should the…

A: Welfare impact: It refers to the impact of the government policy on the economy. It takes into…

Q: Assuming that the country is small, compare the welfare effects of placing a tariff on an import…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: Why would an importing country use a tariff rather than a quota?

A: Tariff is a tax that is imposed on the goods that are produced outside the country and sold…

Q: Explain why a quota may result in lower total surplus in the home country than a tariff, even if…

A: A tariff is a percentage of the product's worth that the importer is required to pay. A quota is a…

Q: What impact would a tariff on Chinese goods have on the consumer? How about producers

A: Tariffs are taxes that are imposed on imports. They act as a type of protectionist trade barrier…

Q: Assume a perfectly competitive market and the exporting country is small.Using a demand and supply…

A: In a perfectly competitive market, with a large number of firms and where the firm produces…

Q: Direct investment should only be used when

A: Direct investment is a long-term investment that involves taking control of a business in another…

Q: When a tariff is imposed on a good, the price to consumers rises; rises falls; falls falls; rises…

A: When the tariff is imposed on a good the price for the consumer increases because it is like a hike…

Q: The effect of imposing a tariff on a specific imported good is to the domestic price of the good and…

A: A tariff is a tax forced by a government on goods and services imported from different nations. The…

Q: Describe what a tariff is and its economic effects

A: Tariff is a duty or a tax imposed on the foreign commodity by the domestic government to restrict…

Q: The Nigerian president decreases the amount of imported tea allowed into the country by 100 million…

A: The Nigerian president decreases the amount of imported tea allowed into the country by 100 million…

Q: Draw a supply and demand diagram for the purpose of demonstrating the welfare effects of a quota in…

A: Given information A small country is trading in world at world price. Then quota that is fixed…

Q: A large or small country imposing a tariff can benefit in terms of social welfare?

A: The nations around the world get involved in trade of goods, services, technologies, ideas, assets,…

Q: untry (that can affect the world price) than a small country. Show your work graphically and expl

A: A tariff is a tax being imposed by a government of a country upon the imports or the exports of…

Q: Export Subsidy. Suppose the home country exports cloth and imports food. Show the impact of an…

A: An export subsidy is a payment that is done to a firm that exports goods abroad. When an export…