During the COVID-19 pandemic Canadian exports to our major trading partner, the U.S.A. plummeted. Which of the above diagrams best portrays the effects of sthat on the Canadian economy?
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- Consider countries A, B, and Cc. The distance between A and B is 1600 kilometers and between A and C, it is 700 kilometers. Country A's GDP is approximately equal to $6 trillion, country B $5 trillion, and country C $2 trillion. Use the gravity equation and compute the ratio of the expected volume of trade between A and C over the expected volume of trade between A and B. Assume that the distance elasticity is equal to 1.5.Consider the case of the following large country (all prices are measured in euros, and quantities are measured in single units): – Domestic demand curve: P = 3600 –3Q – Domestic supply curve: P = 2Q – World free trade price of imports = 140 euros per unit – When the tariff is introduced, domestic prices rise by exactly one third of the amount of the tariff. Calculate the following. Also show your workouts, draw a diagram depicting the importing country market under free trade and with a tariff. With a 30 euro specific tariff: The change in consumers' surplus going from free trade to the tariff, in euros: __________________________________________________________________________________ The change in producers' surplus going from free trade to the tariff, in euros: __________________________________________________________________________________ The amount of tariff revenue, in euros: __________________________________________________________________________________ The change…In what way do the import and export documents play an important role in ensuring that the end-user-customers obtain safe and healthy imported foods for their consumptions? Your answer should include relevant examples.
- 10. Problems and Applications Q10 Consider a small country that exports steel. Suppose the following graph depicts the domestic demand and supply for steel in this country. One of the two price lines represents the world price of steel. Use the following graph to help you answer the questions below. You will not be graded on any changes made to this graph. Price of Steel (Dollars perton) 100 90 2 2 2 2 2 2 - 60 40 30 20 10 Demand 0 100 200 300 400 500 600 700 Quantity of Steel (Tons) Supply 800 900 1000 Triangle PolygonA Moving to another question will save this response. Question 7 Suppose supply is given by P = 2Q and demand is given by P = 1000 – 2Q. What will happen in this economy if the world price is 400? An export of 200 units An import of 200 units An export of 100 units An import of 100 units A Moving to another question will save this response. MacBook AirThe United States President decides to raise tariffs on all imports of goods and services from China by 30%. Several studies and analyses have highlighted the costs and benefits of this policy. Which of the following are more likely to be unbiased studies/analyses, and which ones are more likely to be biased? -An article on the New York Times by a Nobel-prize winning economist who serves in the current Administration A peer-reviewed article published on the Scientific Journal "Econometrica" by a Nobel-prize winning economist who serves in the current Administration A working paper (i.e. not yet published) by an Economist which was funded through a research grant from the National Science Foundation to study trade policy A working paper (i.e. not yet published) by an Economist which was funded through a research grants awarded by the a think- tank that supports the ideology of the opposition party A. More likely to be biased B. More likely to be factual/unbiased C. More likely to be…
- Which action by the Australian government would make its economy less mixed economy and more like a pure market economyQuestion The graph below shows domestic supply and demand for coffee in the U.S. Suppose that at any price, foreign suppliers of coffee will supply 50, 000 pounds. The "Domestic Supply + Imports" curve is misplaced. Re-position the curve to reflect the provided information. (Note that quantity is expressed in thousands of pounds on the graph.) Provide your answer below: 150 -100- -50 0 P Demand Domestic Supply (40,$50) Domestic Supply+imports (75,$50) 100 Q 150Consider the information in the file named HW5 - Green Paradox. Concentrate on the scenario called Green Paradox Case 1. Currently (prior to any GHG policies by the Group 1 countries) the world equilibrium price of oil is “?” dollars and the equilibrium quantity of oil transacted in the world market is “?” units. At this price, Group 1 countries are consuming "?" units of oil and Group 2 countries are consuming “?” units of oil. Group 1 countries reduce their demand for oil by 70 units through aggressive conservation policies as well investments in renewable sources of energy. They hope/predict that the global consumption and production of oil will decrease by the same amount. However, as a result of this policy, the world equilibrium price of oil will change to "?" dollars, and the equilibrium quantity of oil transacted in the market will change to "?" units. At this new price, Group 1 countries will be consuming "?" units of oil and Group 2 countries will be consuming "?" units of…
- The following graph describes the domestic market for tradable input X. Let's consider a Project that is going to use input X. The CIF price of input X is PCIF. According to the graph the economic cost for the society from the amount of input X that the project is going to use is measured by the area Price Domestic Supply B Pd World Market Supply P wif Domestic Demand (with Project) Domestic Demand K L M Quantity КАBGN КАBL LBGN MCGN3 If the supply curve for fertilizer in Jordan isQj = -2 + 4p and the supply curve for fertilizer in the rest of the world is Qrow = 25 + 8p, what is the world supply curve?The tsunamis that hit Japan in 2011 and India and Sri Lanka in 2004 were devastating, and their effects were felt for many years afterward. Natural disasters of this type as well as international events often result in severe disruptions to the supply ofallegations that meat inspectors and politicians had received bribes to overlook improper meat packing practices and allow sales of tainted food. How would the closing of export markets for a country’s beef products together with a fall in domestic sales of beef products and an increase in the domestic equilibrium quantity be reflected in supply-anddemand diagrams of that country’s foreign and domestic markets for beef in the short run?