A) the difference between the price of a product and consumers' valuation of the last unit of the product purchased. B) the difference between the price of a product and what consumers were willing to pay for the product. C) the difference between the discounted price of a product and its retail price. D) the difference between the price paid by consumers and the price required of producers. A) the difference between the price of a product and consumers' valuation of the last unit of the product purchased. B) the difference between the price of a product and what consumers were willing to pay for the product. C) the difference between the discounted price of a product and its retail price. D) the difference between the price paid by consumers and the price required of producers.

A) the difference between the price of a product and marginal cost of producing the product. B) the difference between the price of a product and what consumers were willing to pay for the product. C) the difference between the discounted price of a product and its retail price. D) the difference between the price of a product and its average cost of production. A) the difference between the price of a product and marginal cost of producing the product. B) the difference between the price of a product and what consumers were willing to pay for the product. C) the difference between the discounted price of a product and its retail price. D) the difference between the price of a product and its average cost of production.

Exam 8: Import Tariffs and Quotas Under Imperfect Competition

SCENARIO: FINNISH STEEL Suppose that the freetrade price of a ton of steel is €500.(Note: € is the Symbol for the euro, a common currency used in 16 European countries, Including Finland.) Finland, a small country, imposes a €60 perton Specific tariff on imported steel.With the tariff, Finland produces 300,000 Tons of steel and consumes 600,000 tons of steel. Reference: Ref 85 (Scenario: Finnish Steel) Who will gain and who will lose as a result Finland's €60perton tariff on imported steel?

(Multiple Choice)

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Question 21

To measure the impact of a tariff on the total welfare of society, we Calculate the:

(Multiple Choice)

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Question 22

The recently imposed 35% tariff on imported Chinese tires initiated a small trade war between the United States and China.Describe what happened following the imposition of these tariffs.

(Essay)

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Question 23

Figure: Home's ImportCompeting Industry (Figure: Home's ImportCompeting Industry) How would we measure the "gains" from trade in this diagram?

(Multiple Choice)

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Question 24

If the United States is a large country that imposes a 30% tariff on imported Tshirts with a world price of $5 per Tshirt, what will be the value of Tshirts once they have cleared U.S.customs?

(Essay)

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Question 25

Figure: The ImportCompeting Industry Reference: Ref 83 (Figure: The ImportCompeting Industry) The producer surplus without Trade in the figure is:

(Multiple Choice)

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Question 26

About how large were the extra deadweight losses incurred by the United States as a result of the discriminatory tariff against imported Chinese tires?

(Essay)

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Question 27

GATT/WTO allows nations to impose tariffs in response to unfair trade Practices such as:

(Multiple Choice)

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Question 28

Normally the WTO does not allow discriminatory treatment in trade of Member nations, but it makes an exception for nations:

(Multiple Choice)

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Question 29

(Scenario: Guatemala's Television Market) What is the value of the total Welfare losses that Guatemala will suffer as a result of the 100% tariff on Imported TVs?

(Multiple Choice)

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Question 30

(Figure: Home Market I) After the imposition of the tariff, the producer Surplus in the Home country:

(Multiple Choice)

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Question 31

China recently became a member of the World Trade Organization.For China, one of the benefits of WTO membership is:

(Multiple Choice)

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Question 32

Suppose that the equations S = 2P and D = 6 - P represent a small Country's home supply and home demand curves.If the world price is $1, Which of the following is the increase in the country's surplus when it Trades compared with autarky?

(Multiple Choice)

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Question 33

If S = 1P represents a country's home supply curve and D = 100 - 1P Represents its home demand curve, then the equilibrium price and Quantity in autarky are:

(Multiple Choice)

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Question 34

SCENARIO: FINNISH STEEL Suppose that the freetrade price of a ton of steel is €500.(Note: € is the Symbol for the euro, a common currency used in 16 European countries, Including Finland.) Finland, a small country, imposes a €60 perton Specific tariff on imported steel.With the tariff, Finland produces 300,000 Tons of steel and consumes 600,000 tons of steel. Reference: Ref 85 (Scenario: Finnish Steel) What is the purpose of this €60perton tariff?

(Multiple Choice)

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Question 35

Suppose that consumer demand is given by this equation: P = 10 - Q. What is the value of consumer surplus when P = 5?

(Multiple Choice)

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Question 36

Consumer surplus is:

(Multiple Choice)

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Question 37

Producer surplus is:

(Multiple Choice)

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Question 38

Why would a discriminatory tariff against tires imported from China have a higher deadweight loss than a nondiscriminatory tariff against all imported tires?

(Essay)

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Question 39

A) Is a country a small or large country if it faces a perfectly price elastic foreign export supply curve? B) What is the optimal tariff for a country facing a perfectly price elastic foreign export supply curve? C) If the foreign export supply is less than the perfectly price elastic foreign export supply curve, will the optimal tariff increase or decrease as the price elasticity of demand increases? D) What happens to the country's welfare if it applies a tariff higher than the optimal tariff?

(Essay)

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Question 40

Showing 21 - 40 of 105

To measure the impact of a tariff on the total welfare of society, we Calculate the:

The recently imposed 35% tariff on imported Chinese tires initiated a small trade war between the United States and China.Describe what happened following the imposition of these tariffs.

Figure: Home's ImportCompeting Industry (Figure: Home's ImportCompeting Industry) How would we measure the "gains" from trade in this diagram?

If the United States is a large country that imposes a 30% tariff on imported Tshirts with a world price of $5 per Tshirt, what will be the value of Tshirts once they have cleared U.S.customs?

Figure: The ImportCompeting Industry Reference: Ref 83 (Figure: The ImportCompeting Industry) The producer surplus without Trade in the figure is:

About how large were the extra deadweight losses incurred by the United States as a result of the discriminatory tariff against imported Chinese tires?

GATT/WTO allows nations to impose tariffs in response to unfair trade Practices such as:

Normally the WTO does not allow discriminatory treatment in trade of Member nations, but it makes an exception for nations:

(Scenario: Guatemala's Television Market) What is the value of the total Welfare losses that Guatemala will suffer as a result of the 100% tariff on Imported TVs?

(Figure: Home Market I) After the imposition of the tariff, the producer Surplus in the Home country:

China recently became a member of the World Trade Organization.For China, one of the benefits of WTO membership is:

Suppose that the equations S = 2P and D = 6 - P represent a small Country's home supply and home demand curves.If the world price is $1, Which of the following is the increase in the country's surplus when it Trades compared with autarky?

If S = 1P represents a country's home supply curve and D = 100 - 1P Represents its home demand curve, then the equilibrium price and Quantity in autarky are:

Suppose that consumer demand is given by this equation: P = 10 - Q. What is the value of consumer surplus when P = 5?

Consumer surplus is:

Producer surplus is:

Why would a discriminatory tariff against tires imported from China have a higher deadweight loss than a nondiscriminatory tariff against all imported tires?

The Global Economy

Trade and Technology: the Ricardian Model

Gains and Losses From Trade in the Specific-Factors Model

Trade and Resources: the Heckscher-Ohlin Model

Movement of Labor and Capital Between Countries

Increasing Returns to Scale and Monopolistic Competition

Import Tariffs and Quotas Under Perfect Competition

International Agreements: Trade, Labor, and the Environment

Introduction to Exchange Rates and the Foreign Exchange Market

Exchange Rates I: the Monetary Approach in the Long Run

Filters

Exam 8: Import Tariffs and Quotas Under Imperfect Competition

To measure the impact of a tariff on the total welfare of society, we Calculate the:

The recently imposed 35% tariff on imported Chinese tires initiated a small trade war between the United States and China.Describe what happened following the imposition of these tariffs.

Figure: Home's Import­Competing Industry (Figure: Home's Import­Competing Industry) How would we measure the "gains" from trade in this diagram?

If the United States is a large country that imposes a 30% tariff on imported T­shirts with a world price of $5 per T­shirt, what will be the value of T­shirts once they have cleared U.S.customs?

Figure: The Import­Competing Industry Reference: Ref 8­3 (Figure: The Import­Competing Industry) The producer surplus without Trade in the figure is:

About how large were the extra deadweight losses incurred by the United States as a result of the discriminatory tariff against imported Chinese tires?

GATT/WTO allows nations to impose tariffs in response to unfair trade Practices such as:

Normally the WTO does not allow discriminatory treatment in trade of Member nations, but it makes an exception for nations:

(Scenario: Guatemala's Television Market) What is the value of the total Welfare losses that Guatemala will suffer as a result of the 100% tariff on Imported TVs?

(Figure: Home Market I) After the imposition of the tariff, the producer Surplus in the Home country:

China recently became a member of the World Trade Organization.For China, one of the benefits of WTO membership is:

Suppose that the equations S = 2P and D = 6 - P represent a small Country's home supply and home demand curves.If the world price is $1, Which of the following is the increase in the country's surplus when it Trades compared with autarky?

If S = 1P represents a country's home supply curve and D = 100 - 1P Represents its home demand curve, then the equilibrium price and Quantity in autarky are:

Suppose that consumer demand is given by this equation: P = 10 - Q. What is the value of consumer surplus when P = 5?

Consumer surplus is:

Producer surplus is:

Why would a discriminatory tariff against tires imported from China have a higher deadweight loss than a nondiscriminatory tariff against all imported tires?

The Global Economy

Trade and Technology: the Ricardian Model

Gains and Losses From Trade in the Specific-Factors Model

Trade and Resources: the Heckscher-Ohlin Model

Movement of Labor and Capital Between Countries

Increasing Returns to Scale and Monopolistic Competition

Import Tariffs and Quotas Under Perfect Competition

International Agreements: Trade, Labor, and the Environment

Introduction to Exchange Rates and the Foreign Exchange Market

Exchange Rates I: the Monetary Approach in the Long Run

Filters

Figure: Home's ImportCompeting Industry (Figure: Home's ImportCompeting Industry) How would we measure the "gains" from trade in this diagram?

If the United States is a large country that imposes a 30% tariff on imported Tshirts with a world price of $5 per Tshirt, what will be the value of Tshirts once they have cleared U.S.customs?

Figure: The ImportCompeting Industry Reference: Ref 83 (Figure: The ImportCompeting Industry) The producer surplus without Trade in the figure is: