Which action by the Australian government would make its economy less mixed economy and more like a pure market economy Question 45-10-2021 3-04-52 PM.m4a-00:31Which action by the Australlan government would make its economy less like a mixed economy and more like a pure market economy?Your answer:a limit on salt imports of 80 tons per yeara 10 percent tax on all wool bought from European countriesthe decicison to let supply and demand set the price of gasolineo the addition of a $500 fee for all automobiles imported into the countryClear answer

The market economy would be the point when the market as an allocative mechanism would result in the…

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Which action by the Australian government would make its economy less mixed economy and more like a pure market economy

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 2PA

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If the United States is currently importing 14 million barrels per day at a world price of $4.00 per unit (the entire amount consumed), what is the effect on imports of a tax equal to $8.00 per unit? Quantity of Barrels Supplied (Millions) Quantity of Barrels Demanded (Millions) 0 2 4 6 8 10 12 The amount of imports after the $8.00 per-unit tax is responses as a whole number.) ges Price per Barrel Get more help. $4 8 Using the table above, after the imposition of the $8.00 per-unit tax, the new quantity supplied is 4 million barrels and the new quantity demanded is 12 million barrels. (Enter your responses as a whole number.) 12 16 20 24 28 14 13 12 11 10 9 8 million barrels per day. Before the tax, domestic producers supplied 0 barrels of crude oil. They now supply million barrels Clear all (Enter your more less Check answer (e)
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Explain how a subsidy on agricultural goods like sugar adversely affects the income of foreign producers of imported sugar.
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In 1932, U.S. manufacturers, which used to enjoy steady relationships with their foreign distributors and export nearly 60% of their output, realized that their exports had fallen to only 20% of total output. Which of the following is the most likely reason for this decrease in exports? O The low quality of U.S. products O war between the United States and Canada O Retaliatory tariffs by trading partners The signing of the General Agreement on Tariffs and Trade (GATT) in 1947 resulted in the adoption of several new trade policies. In the following table, indicate if each of the policies listed was a result of GATT. Then, complete the last column by identifying the means by which each GATT policy was implemented. Policy GATT Policy Implementation Promotion of protectionism Clear and public trade rules Promotion of lower trade barriers Yes v Institution of the WTO Promotion of trade transparency Settling trade disputes In the 1960s, multilateral negotiations called the Uruguay Round…
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33. a) At $800 price, how many units of good X will the domestic consumers purchase from *domestic suppliers*? ___________ units. b) At $800 price, how many units of good X will have to be imported from abroad? _________ units. c) At $800 price what is government's tax revenue from tariff on good X imported? $________________. d) With no tariff, how many units of good X can domestic suppliers supply? ___________ units e) With no tariff, how many units of good X will the domestic consumers demand?_______________ units.
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. The United States currently imports all of its coffee. The annual demand for coffee by U.S. consumers is given by the demand curve Qd = 150 − 10P, where Qd is quantity (in millions of pounds) and P is the market price per pound of coffee. Suppose the domestic supply is Qs = 10P −50. The U.S. coffee market is competitive. Suppose that the world price of coffee is $6. Congress is considering a tariff on coffee imports of $2 per pound. (a) Find the producer and consumer surplus if there was no trade. (b) Calculate the consumer and producer surplus after we engage in free trade. (c) If the tariff is imposed calculate the changes to consumer and producer surplus. (d) Other than lower prices, provide two benefits that can occur as a result of free trade.
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 will