Since the passage of NAFTA, a) trade between the three countries has quadrupled b) the US has lost more than 300,000 auto jobs to Mexico c)all of these d)total pollution has not fallen, it has been "exported" from the US to Mexico
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- The table below represents the quantity of rice demanded for selected countries. Quantity of Rice Demanded (millions of metric tons) Price (U.S. dollars per metric ton) Japan Taiwan South Korea Market Total $600 13 7 8 500 14 8.5 10.5 400 15 10 13 300 16 11.5 15.5 200 17 13 18 What is the quantity of rice demanded in the market (in metric tons) if the market price is $300 per metric ton? million metric tons Round your answers to 1 decimal place.The figure below shows the domestic demand (Dd) and domestic supply (Sa) curves of mopeds in a country before an import quota is imposed by the government. After the imposition of the quota, the maximum import quantity is QQ: Sa Sa+ Q. $800 $750 $715 World price New export price with quota Da 0.4 0.5 0.6 1.5 1.8 2.0 Quantity (Millions of Mopeds per year) If the government auctions the quota licenses, the importing nation will lose $29.75 million. O gain $21.5 million. O gain $31.5 million. lose $10 million.Use the graph below and the following information to answer the next question(s). The world price of soybeans is $5.00 per bushel, and the importing country is small enough not to affect the world price. Suppose the government puts a tariff of $1.00 per bushel on soybean imports. How much will be total deadweight loss? 65 60 70 O$ 20 million O$ 80 million O $60 million O$ 30 million 130 140 Q/millions bushels D 62 8 -World price
- Price of Carnations $14 $400 $100 $500 $200 12- 10- 8 6 4 2 Domestic Supply Tariff World Price Domestic Demand 100 200 300 400 500 600 Quantity of Carnations (in dozens) Refer to the figure above. What is the amount of deadweight loss caused by the tariff?Recently the U.S. government filed a complaint with the World Trade Organization (WTO) that the Spanish government was subsidizing exports of ripe olives, which are used as an ingredient in other products, such as olive oil. In the U.S., who benefits from the Spanish subsidy of ripe olives to the U.S.? U.S. government imposes a countervaliling duty (tariff) on imports of ripe olives, who benefits? O producrersof ripe olives; producers of olive oil O producers of olive oil; producers of ripe olives O producers of olive oil; producers of olive oil O producers of ripe olives; producers of ripe olives If theSuppose Colombia is open to free trade in the world market for soybeans. Because of Colombia’s small size, the demand for and supply of soybeans in Colombia do not affect the world price. The following graph shows the domestic soybeans market in Colombia. The world price of soybeans is PW=$400 per ton.
- 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 = 11.5 – Q Supply: P = 5.5 + Q Price is in 10 Yuan (¥) per bushel of soybeans and the units for Quantity are 100 million bushels per year. This is to make graphing simpler. This does NOT mean that the price is 10 and quantity is 100. Rather it means that if the price was 40¥ and the quantity was 7,500,000,000 bushels, this would plot as 4 and 7.5 respectively. The world price for soybeans is ¥65/bushel (this would graph as a horizontal line at 6.5). 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: Domestic Demand curve (D), Domestic Supply curve (S), the World Price (WP), and the Price with tariffs (PT), along with the quantities imported both with and without the tariff. Based on your graph, what…The following graph shows the domestic demand for and supply of maize in Kenya. The world price (Pw) of maize is $260 per ton and is displayed as a horizontal black line. Throughout the question, assume that all countries under consideration are small, that is, the amount demanded by any one country does not affect the world price of maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. PRICE (Dollars per ton) 485 Domestic Demand Domestic Supply 460 435 410 385 360 335 P 310 285 260 PW 235 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Tons of maize) (?) If Kenya is open to international trade in maize without any restrictions, it will import tons of maize. Suppose the Kenyan government wants to reduce imports to exactly 20 tons of maize to help domestic producers. A tariff of $ achieve this. A tariff…Consider that the market for ethanol in Brazil is described by the following equations: Demand: P = 20-0.5Q Supply: P = 5 + Q If the government of Brazil allows free trade and the world price is $10, then a. Brazil will import 5 barrels of ethanol per day. b. Brazil will export 10 barrels of ethanol per day. c. Brazil will export 15 barrels of ethanol per day. Brazil will import 15 barrels of ethanol per day. d.
- The following graph shows the supply and demand curves of gloves for Portugal. Germany and France supply gloves to Portugal at a price of $2 and $3, respectively. The green line indicates a 100% nondiscriminatory tariff on Portugal's glove imports. PRICE (Dollars per pair of gloves) 10 9 O 8 2 1 0 ☐ 0 □ 2 ☐ 4 O ☐ O ☐ O 6 ☐ O ☐ O 8 10 12 14 QUANTITY (Pairs of gloves) Suppose Portugal forms a customs union with France. □ C 16 The customs union results in the trade creation effect of $ 0 Stariff SE F SG O 18 20 (?) and the trade diversion effect of $ If, instead, Portugal forms a customs union with Germany, the result will be a by an amount equal to a effect of $ The overall welfare of Portugal customs union. The welfare of Portugal will4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for soybeans in Guatemala. The world price (Pw) of soybeans is $550 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of soybeans and that there are no transportation or transaction costs associated with international trade in soybeans. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. 830 Domestic Demand Domestic Supply 795 760 725 O 690 655 620 585 Pw 550 515 480 30 60 06 120 150 180 210 240 270 300 QUANTITY (Tons of soybeans) PRICE (Dollars per ton)Homework (Ch 09) Q Search th The following graph shows the domestic supply of and demand for maize in Panama. The world price (Pw) of maize is $270 per ton and is represented by the horizontal black line. Throughout the question, assume that the amount dermanded by any one country does not affect the world price of maize and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Domestic Demand Domestic Supply 450 430 410 300 370 350 330 260 270 PRICE (Dollars per ton)