Answered: A tariff is A. a tax imposed on…

A tariff is A. a tax imposed on imports. B. any non-subsidy used to increase trade. C. any non-tax action used to restrict trade. D. a subsidy granted to imports.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter35: International Trade Restrictions

Section: Chapter Questions

Problem 3E

See similar textbooks

Related questions

Q: Assume that Canada is an importer of televisions and that there are no trade restrictions. Canadian…

A: Since you have asked multiple-part questions, we will solve the first three questions for you. If…

Q: The diagram below shows a situation where the country would export the good. Price of Pencil…

A: Without free trade, the domestic price os 12 $ and quantity traded is 300 units. With free trade,…

Q: 3. The world price of sugar is $.10 per lb., but import quotas raise the U.S. price to $.225 per lb.…

A: Tariff equivalence quota means refers the same impact and rise of price in he domestic country in…

Q: A numerical limit imposed by a government on the quantity of a good that can be imported into the…

A: Government impose various methods to reduce Import of various goods which will affect the demand for…

Q: 3. State the effect of an export subsidy on the following: a. Price of the good in the exporting…

A: Export subsidy is a government policy that encourages the export of commodities while discouraging…

Q: protective measure, a quota is more effective than a tariff. B. A tariff seeks to discourage

A: To find : Whether the statement is true or false.

Q: What would likely be the effect of a country significantly lowering tariffs on agricultural imports?…

A: The issue is to evaluate the logical impacts on homegrown farming costs and creation levels when a…

Q: If a nation that imports a good imposes a tariff, itwill increasea. the domestic quantity…

A: When we are talking about international trade, that means there will be import and export of goods…

Q: Suppose the European Union imposes trade sanctions (export quotas) on food sold to Russia. Imagine…

A: Trade sanctions are restrictions or barriers imposed by one country or group of countries on…

Q: Assume Australia is an importer of sofas and there are no trade restrictions. Australian consumers…

A: The difference between the price consumers are willing to pay and the market price is known as…

Q: A government tariff will result in a. deadweight losses. b. higher prices for the goods…

A: In this case, tariff increase the market price and leads to shift the demand or supply curve to the…

Q: A monopoly firm faces the following average revenue demand) curve: P 125 0.020 where Q is weekly…

A: The experimental implementation of economic principles and theories for the appraisal and…

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 European Union has a "variable levy" on imports of butter. This means that when the world price…

A: When the world is set below the equilibrium price, there exists shortage because quantity demanded…

Q: What would happen if the European Union (E.U.) put a quota on American jeans and only allowed their…

A: The import quota is the limit on the imports that can be allowed importing in a country. The quota…

Q: Malaysia places a limit on the amount of cars that can be imported into the country. This is an…

A: In a country, any government action that reduces imports of the country will be considered as trade…

Q: Suppose the United States producers of rice convince the government to place a quota on (or to…

A: a. When there is a quota on the import of rice in the U.S. then it leads to a rise in the demand for…

Q: What is the effect of a tariff on the market price? Select one: a. It keeps the price of the…

A: Tariffs refer to the tax imposed on items produced abroad and sold domestically. It results in an…

Q: How does the imposition of an import tariff by a country affect its domestic market for the imported…

A: The issue is to decide how the burden of an import tax by a nation influences the homegrown market…

Q: he US, the domestic country, is currently operating a price of $14 per hammer. The US and…

A: Answer - Part "a"- Answer - Given in the question - Domestic Price of hammer before trade = $14 We…

Q: Under what circumstances can a state impose a tax on goods that are imported into the state from…

A: Trade barriers refer to the trade restrictions that can be either tariff barriers or non-tariff…

Q: Which of the following statements is false? Question 7Answer a. If the United States imposes a…

A: The objective of the question is to identify the false statement among the given options related to…

Q: Import demand is given by A by the difference between the demand for a good and the supply of a…

A: International trade agreements govern the exchange of goods and services between two or more…

Q: A trade restriction on the quantity of a good that an exporting country is allowed to export to…

A: A country will export the good if it has surplus of that good. This implies that if quantity…

Q: A country moves from a situation of no trade to a situation where it imports a good. Which of the…

A: It can be defined as concept that shows the fall in the economic efficiency due to inefficient…

Q: Suppose a home country is large. If the large nation places a tariff on imports, an increase in…

A: Tariff causes an improvement in terms of trade and a contraction in volume of trade. The imposition…

Q: Assume Australia is an importer of sofas and there are no trade restrictions. Australian consumers…

A: Demand and supply In an economy there is always a demand for goods and services and the supply of…

Q: Economics When a new tariff is placed on imported furniture, which of the following is expected to…

A: Consumer surplus is the difference between the maximum willingness to pay of the consumer and the…

Q: Assume the United States is an importer of televisions and there are no trade restrictions. US…

A: Note:- Since we can only answer up to three subparts, we'll answer the first three. Please repost…

Q: Your textbook discusses the benefits of cheaper imports on pages 171-173. Draw a graph that shows…

A: Before trade After trade Change Consumer surplus A A + B + D + ( B + D) Gain…

Q: Economics 4. Depict on graph and briefly explain economic consequences of export subsidy: • for…

A: An export subsidy is a form of government financial assistance given to domestic producers to…

Q: What is the product quota of Singapore?

A: Product quota refers to the government-imposed trade restriction that limits the monetary value of…

Question

A tariff is

A. a tax imposed on imports.

B. any non-subsidy used to increase trade.

C. any non-tax action used to restrict trade.

D. a subsidy granted to imports.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

A trade restriction on the quantity of a good that an exporting country is allowed to export to another country is known as? a. Voluntary export restraint b. Export subsidy c. Quota d. Sanction
A 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.
Import demand is given by A by the difference between the demand for a good and the supply of a good in the world market. B the import quota C the difference between the domestic demand for a good and the domestic supply for a good. D the difference between the domestic supply for good and the domestic demand for a good
Economics 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.
Can someone answer d,e, and f?
Please answer 11 to 15 questions and choose the correct answer.
What is the product quota of Singapore?
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
A country moves from a situation of no trade to a situation where it imports a good. Which of the following does not occur in the market for this good in the importing country? A. Deadweight loss decreases. B. Total surplus increases. C. Consumer surplus increases. D. Producer surplus decreases. E. Workers in the domestic industry lose.
1 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.
What would likely be the effect of a country significantly lowering tariffs on agricultural imports? A. Domestic agricultural prices increase and local production decreases. B. Domestic agricultural prices decrease and local production increases. C. Domestic agricultural prices decrease and local production decreases. D. Domestic agricultural prices and local production remain unchanged.
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.