Answered: Which of the following trade policies…

Which of the following trade policies limits specific quantity of goods to be imported at one tariff rate? a. Specific tariff b. Import tariff c. Quota d. All of the above

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter34: Globalization And Protectionism

Section: Chapter Questions

Problem 39CTQ: From the Work It Out Effects of Trade Barriers, you can see that a tariff raises the price of...

See similar textbooks

Related questions

Q: If the demand of an imported good is perfectly inelastic, a tariff imposed on its import will be: a.…

A: When demand for the imported good is perfectly inelastic, quantity demanded does not decrease at all…

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: What are tariffs? How do tariffs affect consumers and producers well- being?

A: Tariffs It is another word of tax which is imposed by the government on goods and services which is…

Q: Depict on graph and briefly explain economic consequences of export tariff: for domestic exporters;…

A: A tariff on goods exported from a country is known as an export tariff. Tariffs are used by…

Q: An important difference between tariffs and quotas is that tariffs Select one: a. help domestic…

A: In an economy, tariffs and quotas, both are the ways to reduce imports of the country.

Q: Which of the following policies permits a specific quantity of goods to be imported at one tariff…

A: A country will import the good if there is a shortage of that good, it implies as quantity demanded…

Q: what is tariff and how does it effect the economy

A: Tariff is a type of trade barrier that has several forms. Tariff benefits few domestic sectors if…

Q: The nation of textilia Does not allow imports of clothing. In it’s equilibrium Without trade, a…

A: In the market transactions, the consumers and the producers gain benefits by interacting with each…

Q: Would consumers benefit more from a tariff or a quota on imports

A: A tariff in economics is a tax or duty imposed by a government on imported goods, typically as a…

Q: a. In the absence of trade, what is the equilibrium price and equilibrium quantity? b. The…

A: Equilibrium is found where demand and supply are intersecting. In this, the demand and supply are…

Q: When a tariff is imposed on a good, the price to consumers rises; rises falls; falls falls; rises…

A: When the tariff is imposed on a good the price for the consumer increases because it is like a hike…

Q: What is the effect of placing tariffs on products imported into the U.S. from other countries? Are…

A: Import Tariffs: It refers to the tariffs that are imposed on the imported goods. They increase the…

Q: The effect of imposing a tariff on a specific imported good is to the domestic price of the good and…

A: A tariff is a tax forced by a government on goods and services imported from different nations. The…

Q: $50 $48 $40 Price 5 10 17 Initial price in the U.S. Mexico price China price US demand for import…

A: According to the above question, graph is given as

Q: Vietnam has a policy of free trade in motorcycles which are sold in world markets at a price of…

A: Consumer surplus is the economic measure of the benefit consumers receive when they are able to…

Q: What is the definition of trade , international trade, internal trade

A: Trade can be defined as exchange of goods and services between two parties. The two parties are…

Q: hich of the following statements regarding tariffs is wrong? - A tariff reduces the gains…

A: A tariff is a tax or duty imposed by the country on imports.

Q: Which of the following is NOT a reason why countries impose tariffs on imports? A. Protect…

A: International trade encompasses the exchange of products, services, jobs, and capital among nations.…

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

Which of the following trade policies limits specific quantity of goods to be imported at one tariff rate?

Specific tariff

Import tariff

Quota

All of the above

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

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

From the Work It Out Effects of Trade Barriers, you can see that a tariff raises the price of imports. What is interesting is that the price rises by less than the amount of the tariff. Who pays the rest of the tariff amount? Can you show this graphically?
Assume two countries, Thailand (T) and Japan (J), have one good: cameras. The demand (d) and supply (s) for cameras In Thailand and Japan is described by the following functions: QsT=-5+14P QsJ=-10+14P QdT=60-P QdJ=80-P P is the price measured in a common currency used in both countries, such as the Thai Baht. Compute the equilibrium price (P) and quantities in each country without trade. Now assume that free trade occurs. The free-trade price goes to 56.36 Baht. Who exports and Imports cameras and in what quantities?
Which of the following policies permits a specific quantity of goods to be imported at one tariff rate and applies a higher tariff rate to import above this quantity? a. Tariff Quota b. All of the above c. Import Tariff d. Specific Tariff
If the demand of an imported good is perfectly inelastic, a tariff imposed on its import will be: a. Paid entirely by the domestic producers of the good b. Paid entirely by the consumers of the good c. Split between the consumers and producers of the good d. Split between the domestic and foreign producers of the good
Vietnam has a policy of free trade in motorcycles which are sold in world markets at a price of 10,000 per motorcycle. Under free trade, Vietnam produces 100,000 motorcycles and imports 100,000 motorcycles. To provide some protection to the domestic industry, Vietnam imposes an import tariff of $1500 per motorcycle. With this tariff in place, production in Vietnam rises by 5,000 motorcycles and consumption drops by the same amount. Calculate the effects of the tariff on: a. Consumer Surplus b. Producer Surplus c. Government Revenues d. Overall Welfare e. If the tariff imposed by the Vietnamese had led to small reduction in world prices of, say, 250 dollars, how, qualitatively, would the welfare calculations (a), (b), (c) and (d) above change?
The effect of imposing a tariff on a specific imported good is to the domestic price of the good and the domestic production of the good. Select one: a. increase; increase b. decrease; increase c. decrease; decrease d. decrease; to leave unaffected.
When a tariff is imposed on a good, the price to consumers _____ and the amount imported _____.
donetic P Tariff Tar Revenue Damestic Quantity b. What are the price-quantity effects of this tariff on the following? (Assume the country imposing the tariff is a small part of the world market) Domestic consumers: Price will (Click to select) and quantity will (Cick to select) v Domestic producers: Price will (Cick to select) and quantity will [(Clck to select) v Foreign exporters: Price will (Click to select) and quantity will (Cick to select) Price
Suppose a per-unit tariff of $10 is imposed on imported cell phones. After the tariff: - The quantity demanded is 10 million - The quantity supplied domestically is 2 million Calculate the amount of tax revenue collected due to the tariff.
If a smaller country imports a good (electronics) from a larger country, is it beneficial for the smaller countryto impose quotas on the good coming from the larger country. Will this affect the consumers of electronics, the domestic producers of electronics and the government?
Analyze the Economic Effects of Tariffs and Quotas. Give examples.
The figure below shows the hypothetical domestic supply and demand for baseball caps in the country of Spain. Domestic Supply and Demand for Baseball Caps Spain Price (€ per cap) 10 X 10 20 30 40 50 60 70 80 90 100 9 8 7 5 3 2 1 0 Sd Dd