Who gains and who loses from import restrictions?

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Answer 1

Question

Chapter 31, Problem 1DQ

To determine

To Identify:

Who gains and who loses from import restrictions?

Expert Solution & Answer

Explanation of Solution

The import restrictions are imposed to protect the domestic industries from foreign competition. These restrictions are imposed in the form of tariff or quota.

Domestic industries competing with the imports are the main beneficiaries of import restrictions. Thus, they are benefitted the most from import quotas.

However, the consumers and the exporting countries suffer because of the import quotas, as the consumers lose the chance to choose from a wider range of varieties at the best prices and the exporters lose the chance to gain from trade.

Economics Concept Introduction

Concept introduction:

Export:

Export refers to an economic activity in which goods and services produced within the country are sold to foreign countries at the foreign exchange rate.

Import:

Import refers to an economic activity in which goods and services are purchased by a country from a foreign country at the foreign exchange rate.

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Answer 2

Question

Chapter 31, Problem 1DQ

To determine

To Identify:

Who gains and who loses from import restrictions?

Expert Solution & Answer

Explanation of Solution

The import restrictions are imposed to protect the domestic industries from foreign competition. These restrictions are imposed in the form of tariff or quota.

Domestic industries competing with the imports are the main beneficiaries of import restrictions. Thus, they are benefitted the most from import quotas.

However, the consumers and the exporting countries suffer because of the import quotas, as the consumers lose the chance to choose from a wider range of varieties at the best prices and the exporters lose the chance to gain from trade.

Economics Concept Introduction

Concept introduction:

Export:

Export refers to an economic activity in which goods and services produced within the country are sold to foreign countries at the foreign exchange rate.

Import:

Import refers to an economic activity in which goods and services are purchased by a country from a foreign country at the foreign exchange rate.

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Answer 3

Question

Chapter 31, Problem 1DQ

To determine

To Identify:

Who gains and who loses from import restrictions?

Expert Solution & Answer

Explanation of Solution

The import restrictions are imposed to protect the domestic industries from foreign competition. These restrictions are imposed in the form of tariff or quota.

Domestic industries competing with the imports are the main beneficiaries of import restrictions. Thus, they are benefitted the most from import quotas.

However, the consumers and the exporting countries suffer because of the import quotas, as the consumers lose the chance to choose from a wider range of varieties at the best prices and the exporters lose the chance to gain from trade.

Economics Concept Introduction

Concept introduction:

Export:

Export refers to an economic activity in which goods and services produced within the country are sold to foreign countries at the foreign exchange rate.

Import:

Import refers to an economic activity in which goods and services are purchased by a country from a foreign country at the foreign exchange rate.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 31, Problem 1DQ

To determine

To Identify:

Who gains and who loses from import restrictions?

Expert Solution & Answer

Explanation of Solution

The import restrictions are imposed to protect the domestic industries from foreign competition. These restrictions are imposed in the form of tariff or quota.

Domestic industries competing with the imports are the main beneficiaries of import restrictions. Thus, they are benefitted the most from import quotas.

However, the consumers and the exporting countries suffer because of the import quotas, as the consumers lose the chance to choose from a wider range of varieties at the best prices and the exporters lose the chance to gain from trade.

Economics Concept Introduction

Concept introduction:

Export:

Export refers to an economic activity in which goods and services produced within the country are sold to foreign countries at the foreign exchange rate.

Import:

Import refers to an economic activity in which goods and services are purchased by a country from a foreign country at the foreign exchange rate.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 31, Problem 1DQ

To determine

To Identify:

Who gains and who loses from import restrictions?

Expert Solution & Answer

Explanation of Solution

The import restrictions are imposed to protect the domestic industries from foreign competition. These restrictions are imposed in the form of tariff or quota.

Domestic industries competing with the imports are the main beneficiaries of import restrictions. Thus, they are benefitted the most from import quotas.

However, the consumers and the exporting countries suffer because of the import quotas, as the consumers lose the chance to choose from a wider range of varieties at the best prices and the exporters lose the chance to gain from trade.

Economics Concept Introduction

Concept introduction:

Export:

Export refers to an economic activity in which goods and services produced within the country are sold to foreign countries at the foreign exchange rate.

Import:

Import refers to an economic activity in which goods and services are purchased by a country from a foreign country at the foreign exchange rate.

Answer 6

Chapter 31, Problem 1DQ

To determine

To Identify:

Who gains and who loses from import restrictions?

Expert Solution & Answer

Explanation of Solution

The import restrictions are imposed to protect the domestic industries from foreign competition. These restrictions are imposed in the form of tariff or quota.

Domestic industries competing with the imports are the main beneficiaries of import restrictions. Thus, they are benefitted the most from import quotas.

However, the consumers and the exporting countries suffer because of the import quotas, as the consumers lose the chance to choose from a wider range of varieties at the best prices and the exporters lose the chance to gain from trade.

Economics Concept Introduction

Concept introduction:

Export:

Export refers to an economic activity in which goods and services produced within the country are sold to foreign countries at the foreign exchange rate.

Import:

Import refers to an economic activity in which goods and services are purchased by a country from a foreign country at the foreign exchange rate.

Answer 7

Chapter 31, Problem 1DQ

To determine

To Identify:

Who gains and who loses from import restrictions?

Answer 8

Expert Solution & Answer

Explanation of Solution

The import restrictions are imposed to protect the domestic industries from foreign competition. These restrictions are imposed in the form of tariff or quota.

Domestic industries competing with the imports are the main beneficiaries of import restrictions. Thus, they are benefitted the most from import quotas.

However, the consumers and the exporting countries suffer because of the import quotas, as the consumers lose the chance to choose from a wider range of varieties at the best prices and the exporters lose the chance to gain from trade.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Concept introduction:

Export:

Export refers to an economic activity in which goods and services produced within the country are sold to foreign countries at the foreign exchange rate.

Import:

Import refers to an economic activity in which goods and services are purchased by a country from a foreign country at the foreign exchange rate.

Answer 12

Ch. 31 - Prob. 1DQ Ch. 31 - Prob. 2DQ Ch. 31 - Prob. 3DQ Ch. 31 - Prob. 4DQ Ch. 31 - Prob. 5DQ Ch. 31 - Prob. 6DQ

Who gains and who loses from import restrictions?

To Identify: Who gains and who loses from import restrictions?

Explanation of Solution

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Chapter 31 Solutions

To Identify:

Who gains and who loses from import restrictions?