Multiple Choice
Suppose that the free-trade price of a ton of steel is €500. (Note: € is the symbol for the euro, a common currency used in 19 European countries, including Finland.) Finland, a small country, imposes a €60 per-ton specific tariff on imported steel. With the tariff, Finland produces 300,000 tons of steel and consumes 600,000 tons of steel. How much total tariff revenue will the Finnish government collect as a result of the €60-per-ton tariff?
A) €6 million
B) €12 million
C) €18 million
D) €30 million
Correct Answer:
Verified
Correct Answer:
Verified
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