In 2019, Japan had a tariff on canola oil imports from Canada of 13.2 yen per kg. This same year, Japan imported approximately 35 million kg of canola oil from Canada. How much tariff revenue did the Japanese government generate in 2019? (Do not include the extra zeros for millions in your answer.)

In 2019, Japan had a tariff on canola oil imports from Canada of 13.2 yen per kg. This same year, Japan imported approximately 35 million kg of canola oil from Canada. How much tariff revenue did the Japanese government generate in 2019? (Do not include the extra zeros for millions in your answer.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Which of the choices describes how the effects of import tariffs and import quotas are different?…

A: Trade policies like import tariffs and import quotas work to limit imports while defending homegrown…

Q: 8. Which of the following would be a deadweight loss from a tariff? A) The shift of consumer surplus…

A: Answer for the given question 9:- Explanation:- There will be decrease in import by 20 million…

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: dentify and explain who will make and lose money from this tarif

A: A tariff is a levy or charge that a government imposes on imported or exported products. Usually,…

Q: In an effort to protect its domestic pear production, the Kingdom of Genovia decides to place an…

A: Trade restrictions are any of the many policy tools that the government uses to limit the volume of…

Q: Price (dollars per pound) $5.00 Supply 3.00 2.00 Pw+ taritt 150 World price (P 0.75 Demand 7 10 12…

A: Here the graph shows the tariff imposed which has increased the prices from $1.50 to $2 per pound.…

Q: Would tariffs on imported wine be a price floor?

A: Imports are restricted via tariffs. Simply expressed, they raise the price of imported products and…

Q: One advantage of a tariff over a quota, from the perspective of the nation imposing it, is that a…

A: The tariff is a duty or tax imposed by the government of a country upon the traded commodity when it…

Q: c) Estimate Imports without tariff d) Estimate tariff revenue production inefficiency and deadweight…

A: The imposition of the tariffs on imported good leads to rise in the price,. The imposition of…

Q: Which of the following is TRUE about tariffs? Question options: Tariffs cause imported product…

A: A tariff is an expense required by legislatures on the worth including cargo and protection of…

Q: Determine whether the following statements are True, False, or Uncertain. Be sure to explain your…

A: a. FALSE. The optimum tariff is positive for a large country because it can influence world prices,…

Q: Using the import demand of the U.S. and export supply of China, explain how the imposed tariff led…

A: Trade between nations has acted as an economic amplifier in the twenty-first century, fostering…

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: Japan imports crayons into its country; they are a price taker in this market. Suppose the world…

A: A tariff is a tax imposed by a government on imported goods, which can impact the domestic price and…

Q: Explain how a US tariff on foreign trucks would affect each group in the economy. Helps sales…

A: A tariff is a levy imposed on products and services imported from another country by one country.

Q: If Zambia is open to international trade in limes without any restrictions, it will import Suppose…

A: Import is the difference between the domestic demand and domestic supply. Import = Quantity demanded…

Q: Consider that the current world price for copper ore is $5.20 per pound. Suppose the domestic market…

A: It is a source of revenue for a nation's government. It is a tax or duty imposed on the…

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: Describe the structure of the tariff in the industrial countries?

A: A tariff is a duty forced by an administration of a country or of a supranational association on…

Q: Analyze the impact of a decrease in tariffs (taxes) on imported flat screen televisions in the…

A: Imports and Exports: In the modern economy, firms often produce products and services which can be…

Q: The following graph shows the domestic supply of and demand for soybeans in Guatemala. The world…

A: World price=$520 At this price, Domestic Demand : 90 tons Domestic Supply : 10 tons A good is…

Q: Suppose that the United States currently both produces kumquats and imports them. The U.S.…

A: International trade:International trade means buying and selling of goods and services from outside…

Q: suppose the supply from China is described by Qs=0.01P-1 and the domestic (American) demand…

A: Demand:Demand is the desire of an individual ability and willingness to pay for a product. The…

Q: Potato SA's head of marketing Willie Jacobs has explained that the practice of potato dumping holds…

A: Dumping in economics refers to the practice where a company exports a product at a price lower than…

Q: 5. A graphical comparison of tariffs and quotas Alagir and Ertil are small countries that protect…

A: Import tariffs and quotas are one type of trade restriction that a govt imposes on its economy. It…

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: 4. Effects of a tariff on international trade The following graph shows the domestic demand for and…

A: International trade:International trade means buying and selling of goods and services from outside…

Q: Determine the effect of the tariff on Home import-competing producers APS = Home consumers ACS =…

A: Given informationHome demand curveP=10-1/20QdHome supply curveP=4+1/20QsForeign Demand curve…

Q: Exporting countries Which of the following will be true, everything else remaining constant, for a…

A: Goods and services produced in one country and sold to consumers in another are known as exports.…

Question

In 2019, Japan had a tariff on canola oil imports from Canada of 13.2 yen per kg. This same year, Japan imported approximately 35
million kg of canola oil from Canada.
How much tariff revenue did the Japanese government generate in 2019?
(Do not include the extra zeros for millions in your answer.)

Expert Solution

Step 1

Equilibrium is achieved at the output level where quantity supplied equals quantity demanded.

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

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

1) The loss of consumer benefits when a tariff imposed on imported consumer good is called: a) Consumer surplus b) Net-welfare gain c) Consumer deadweight cost d) Producer deadweight cost 2) Which one is not true about countries of the world? a) Only large countries involve in an international trade b) Openness of countries to international trade vary between countries c) Countries produce, exchange, and consume goods and services d) Economic development of countries is little affected by the extent of their engagement in international trade e) a and d
In the United States, imposing a tariff on imported vitamin D3 would: Group of answer choices increase total American consumption of vitamin D3. increase American consumption of domestically produced vitamin D3. reduce exports of vitamin D3. decrease domestic production of vitamin D3.
if u.s. quotas on imported goods were eliminated: a) the supply of sugar in the U.S. would shift to the left and the prices would rise b) the world price of sugar would rise c) the demand for sugar in the U.S. would shift to the left and prices would fall. d) the supply of sugar in the U.S. would shift to the right and sugar prices would fall e) None of the answers are correct.
do fast.
Korea’s demand for computers isQK = 2, 000 − PkIts supply isQK = −200 + PkChina’s demand for computers isQC = 1, 000 − Pc Its supply isQC = Pc1. Suppose that Korea imposes a specific tariff of $100 on computerimports. Calculate the price of computers in each country and thequantity of computers supplied and demanded in each country. Alsocalculate the volume of trade.
fast urgent.
What is the effect of placing tariffs on products imported into the U.S. from other countries? Are there any problems with this?
Q3: Using a domestic-market demand- and supply-curve graph, show the impact of tariff on a small country's import price, domestic demand, domestic supply, import quantity, consumer surplus, producer surplus, government revenue, and total welfare; Is the country unambiguously worse off as a result of the tariff? In the same graph, show how to achieve the same import quantity with an import quota; When would the tariff and the import quota lead to the same amount of welfare change? How will the answer to (a) and (b) change if the country uses a subsidy that is equivalent to the tariff rate to help domestic producers? How would the answers to (a) and (b) change for a large country? Your answer:
Analyze the impact of the tariff on domestic production, consumption, and imports of solar panels. Include a graph with properly labeled axes, demand and supply curves, and tariff levels to illustrate your answer.
The Nigerian president decreases the amount of imported tea allowed into the country by 100 million pounds per year. Which trade is this?
Lesson 12 Question 4
Evaluate this statement: “If the United States imposed a uniform excise tariff on all foreign imports, all U.S. businesses and workers would benefit. Consequently, if a bill to impose a uniform excise tariff were introduced in the U.S. Congress, it would unanimously pass.”