One reason why consumers are unlikely to be too upset about tariffsO tariffs are an inexpensive way to create jobs.O most consumers benefit from protection.O the costs are so spread out that no one pays a big share of the total.O consumer losses are not real losses. Suppose the domestic supply (QS) and demand (OD) for skateboards in the UnitedStates are given by the following set of equationsQS - -60 + 3PQD - 390 - 2PCalculate the change in producer surplus when the United States engages in free tradeand imports skateboarusTHe rest of the world at a per unit price of S$75.$3,375.+$2,812.50.-$2,812.50.+$3,375.

1) Tariffs are divided into an enormous number so that everybody pays a tiny charge. Thus it is…

One reason why consumers are unlikely to be too upset about tarif O tariffs are an inexpensive way to create jobs. most consumers benefit from protection. O the costs are so spread out that no one pays a big share of the total. O consumer losses are not real losses.

One reason why consumers are unlikely to be too upset about tarif O tariffs are an inexpensive way to create jobs. most consumers benefit from protection. O the costs are so spread out that no one pays a big share of the total. O consumer losses are not real losses.

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: sentor Domestic Market with Trade World Price Specifically, at the world price of $60, what is the…

A: The measure that depicts various quantities of goods that are being provided by producers at…

Q: Discuss whether MNC's will always be beneficial for the consumers and the economy of the host…

A: Multinational corporations (MNCs) can have each positive and negative impacts on consumers and the…

Q: is the main reason why trade is a pretty weak foundation for which to build a polity (state)?…

A: Explanation:- Reson of follows bellow •Trade may be a pretty weak foundation that to make a polity…

Q: Protectionism refers to open trade. O True False

A: Protectionism refers to restrictions impose on free trade. It is mainly imposed to protect the…

Q: Patents, tariffs, and quotas are all examples of A. governmentminus imposed barriers. B. entry…

A: Patent, tariffs, and quotas are barriers which have been created by the government to protect the…

Q: Who gains from imports? O Consumers. O Producers O Overall the nation benefits from it. O A and C.

A: Meaning of Trade: The term trade refers to the situation under which the products and goods are…

Q: Find the attached file.

A: The theory of comparative advantage provides a framework for two economies to engage in…

Q: Whatt is the level of imports with and without the tariff? O With: Q³-Q²; without: Q¹-Q¹ O With:…

A: A tariff is a tax or duty imposed by a government on imported or exported goods. It is used to…

Q: and the government The diagram below shows the situation of a small country with free-trade in an…

A: Tariff may be defined as a tax imposed by the government on the goods that are imported from other…

Q: Suppose a country opens its trade borders andbecomes a net-exporter of beef. Is it better for…

A: The trade is the exchange of goods and services between the producer and consumer in the economy.…

Q: The graph below shows the United States' domestic market for lamps. What is the total amount of…

A: Partial protectionism is the economic policy that imposes tariffs and barriers on trade of imported…

Q: Protectionism uses tariffs as trade barriers. O True O False

A: A trade barrier is the set of restrictions that the country’s government imposes on international…

Q: Describe how protectionism affects the price of the protected good in the domestic market? Who ends…

A: In order to defend their home nations against international competition, businesses often adopt a…

Q: 4. Under what conditions may a tariff actually make a country better off?

A: Under certain conditions, a tariff can probably make a country better off. Right here are a few…

Q: Which of the following is not a valid economic argument for protectionism? A. infant industry…

A: Protectionism is an economic situation when the trading forces in the domestic country are protected…

Q: what factors does paul krugman identified that suppoerted tha expansion of international trade in…

A: International Trade: The term trade refers to the process of sale and purchase of goods and…

Q: 8. All of the following frequently obstruct trade, except: A. Safety regulation B. Bankruptcy rules…

A: When talking about international trade, it can be seen that there are various natural or legal…

Q: A customs union is different from a free-trade area, in that: the world. 1.a free-tradearea removes…

A: The objective of the question is to understand the difference between a customs union and a…

Q: What are non-tariff barriers? List and explain 3 examples of non-tariff barriersimposed by the U.S.,…

A: non tariff barriers are obstacles to import other than tariffs. they are administrative measures…

Q: A semiconductor is a key component in your laptop, cell phone, and iPod. The table provides…

A: With no international trade, equilibrium of Quantity and Price would be at a point, where the…

Q: This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world…

A: The world price is $100. The tariff imposed by domestic countries on trade is 30. The world price…

Q: Tariffs tend to restrict competition much more than quotas by helping importers and exporters to…

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

Q: If a nation lhat does not allow international trade insteel has a domestic price of steel lower than…

A: A nation is said to be having a comparative advantage in the production of a good if that nation is…

Q: When the only form of protection is a tariff, then the difference between the domestic and border…

A: Tariff is the tax levied by the government on import goods and services. Which enhances the world…

Q: What are the different methods of economic protectionism?

A: When countries try to stop or limit the flow of goods into their borders, they engage in…

Q: briefly explain one reason why/when protectionism might be a good idea AND one reason why/when it…

A: Protectionism alludes to government strategies that confine worldwide exchange to support homegrown…

Q: for Chepter 8 rwrket for Persanal Computers qastrms S-16 is Which of the Pra/Tanther puoth P. World…

A: The quota is the non- tariff barrier. It restricts output or import to certain level. It reduces…

Q: Protectionist governments sometimes use tariffs to prevent imports. O True False

A: Economist promotes the free trade as free trade leads to optimal allocation of the world resources…

Q: Please answer fast

A: Consumer surplus represents the difference between what consumers are willing to pay for a good or…

Q: Are the following statemen ts true or false? Explain ineach case.a. ''1Wo countries can achieve…

A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Why do governments so often choose to protect favored industries with tariffs? Group of answer…

A: * ANSWER :- The gains from protection are enjoyed by many while the costs are borne only by a few.

Q: COUNTRY COFFEE TEA Jamaica 10 5 United States of America 50 20 A. Which country has the absolute…

A: A country will have a comparative advantage in the production of a particular good when it is able…

Q: The most frequent argument used to support trade barriers is that they O protect domestic jobs O…

A: Trade barriers refer to policies such as import tariffs and quotas.

Q: Suppose initially that the United States is consuming 4 boots and 8 shirts and Canada is consuming…

A: US consumes 4 boots and 8 shirts. Canada consumes 18 boots and 2 shirts. US can produce either 24…

Q: What's Japan import qutoa on rice?

A: The expansions of international trade have provided both advantages and disadvantages to economies.…

Q: If Canada applies a 30% tariff to Swiss watches, then Canada is prohibited by WTO rules from…

A: The objective of the question is to identify the economic concept that best applies to a scenario…

Q: 23. When one country joins a free trade area with a common external tariff, it causes: O a. Trade…

A: The correct answer is given in the second step.

Q: What is protectionism? Is it good for the world economy? Whats an example??

A: Competition: In economics, the term competition exhibits a situation where multi-players are…

Q: The North American Free Trade Agreement (NAFTA) is seen by some as a form of protectionism because…

A: NAFTA (North American Free Trade Agreement) is formed in the year of 1994. this agreement did…

Q: Sometimes governments use the 'national security' argument to justify protecting an industry with…

A: National security to protect industry tariffs Answer A option Stockpiling the product is a…

Concept explainers

Protective Tariffs

A tariff is a kind of tax that is charged on exported and imported items. It means tariff is charged on both kinds of goods i.e., exported and imported. However, some goods may be exempted from this kind of tariff. Protective Tariffs refer to the charges which a country charged on imported goods to protect its domestic market. It also protects countries Industrialists in their Production. So, that their markets remain intact and do not get dumped by outside supply.

Question

One reason why consumers are unlikely to be too upset about tariffs
O tariffs are an inexpensive way to create jobs.
O most consumers benefit from protection.
O the costs are so spread out that no one pays a big share of the total.
O consumer losses are not real losses.

Suppose the domestic supply (QS) and demand (OD) for skateboards in the United
States are given by the following set of equations
QS - -60 + 3P
QD - 390 - 2P
Calculate the change in producer surplus when the United States engages in free trade
and imports skateboarus
THe rest of the world at a per unit price of S$75.
$3,375.
+$2,812.50.
-$2,812.50.
+$3,375.

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

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 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

Protectionism attempts to protect domestic businesses from outside influence and competition. O True False
Suppose that the world price of coffee makers is $20 and the value of imported intermediate goods used to produce coffee makers in the US is $12. If a tariff of 10 percent is placed on coffee makers and additional tariff on the imported intermediate goods used to produce coffee makers is 50%, the effective rate of protection is Select one: A. -75 percent. B. -50 percent. C. 0 percent. D. 10 percent. E. 25 percent.
Suppose a country has abundant capital but scarcelabor. Which group would be more harmed bya trade embargo: owners of capital or laborers?
why countries trade goods and services, and why such trade can increasewelfare.
Discuss three barriers to trade and their impact.
QUESTIONS : D. Would you agree if the UK imposed import protection for wheat and corn to protect domestic wheat and corn farmers? Give reasons and basis for your argument. What are the negative and positive impacts that will be faced by the UK when implementing this protection policy (Give at least 5 answers for each positive & negative impact). POINT D ANSWER : Would defeinetly not go with the idea and not accept the trade proctectionsim, as it of more harm than good. Reasons are as follow: -The restricted options of customers and paying more for products and services. A main consequence of trade protectionism would be that, as there can be limits on how much can be imported, buyers may have a restricted variety of products and services. Shoppers would have a very limited option as to the amount, standard and form of product that might otherwise be available to them without competitive protection due to these quotas. -Exchange rate caps have induced long-term inflation because…
one of your relaties suggests to you that our country should stop trading with other countries because imports take away jobs and lower our national well-being. How would you try ot convince him that this is probably not the right way to look at international trade and its effects on the country?
$ 14 SMexko 8 9 3 2 Price World Tarriff Price world 0 10 40 60 80 110 ONexico Pocket Calculators Refer to Figure. How many calculators would Mexico import with free trade. O 40 calculators O 60 calculators O 80 calculators O 100 calculators
how does discourages competition helps local companies to flourish tariffs
Asap plz Do you agree that international trade based on external economies of scale may actuallyleave an economy worse off than it would have been in the absence of international trade?Justify"your answer.
With multilateral negotiations, a country reduces its trade barriers without other countries also reducing their barriers. exporters will fight any reductions in trade barriers. O import-competing domestic industries can count on support from foreign exporters in the same industries. opposing political interests can cancel cach other out. O the domestic industry lobby inevitably loses.
NAFTA puts a halt to international trade. True O False