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4. Do you agree on the statement “supporters of import restrictions favor producer welfare than consumer welfare”? Briefly explain your answer.
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- Show graphically that for any tariff, there is an equivalent quota that would give the same result. What would be the difference, then, between the two types of trade barriers? Hint: It is not something you can see from the graph.16. What is the difference between an agricultural export subsidy and an agricultural production subsidy?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
- Explain how an export subsidy is theoretically meant to work. Think of the application to “infant industryIs it true that “supporters of import restrictions favor producer welfare than consumer welfare”? Why or why not?Graphically explain the negative effects of quotas. How about subsidies? Label and explain results in detail.
- What is the product quota of Singapore?Briefly define and explain import quotas.1. Your textbook discusses the benefits of cheaper imports on pages 171-173. Draw a graph that shows the effects on consumer and producer surplus (gain or loss) that result from a country importing a good. 2. Recently, China placed tariffs on the importation of US soybeans. Assume that the domestic market for soybeans in China is described by the following equations: Demand: P = 115 – 1/15Q Supply: P = 55 + 1/15Q Where P is Yuan per bushel of soybeans and Q is 10 million bushels per year. The world price for soybeans is ¥65/bushel. Graph the soybean market in China showing equilibrium both with no barriers to trade and with a ¥15/bushel tariff. Be sure to fully and clearly label the graph including the Domestic Demand curve, Domestic Supply curve, the World Price, and the Price with tariffs. 3. How many bushels of soybeans can the US export to China if there are no tariffs? How many bushels with the imposed tariff? 4. Who are the greatest benefactors of China’s…
- 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 goodsQUESTION 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 goodsPartial equilibrium effects of import quota: large country Can you show that with the graph?