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19. Mention two possible situations when dealing with exports and imports.
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- Explain how a subsidy on agricultural goods like sugar adversely affects the income of foreign producers of imported sugar.Explain how a tariff reduction causes an Increase in the equilibrium quantity of imports and a decrease in the equilibrium price. Hint: Consider the Work It Out Effects of Trade Barriers.Why might Belgium, France, Italy, and Sweden have a higher export to GDP ratio than the United States?
- The tsunamis that hit Japan in 2011 and India and Sri Lanka in 2004 were devastating, and their effects were felt for many years afterward. Natural disasters of this type as well as international events often result in severe disruptions to the supply ofallegations that meat inspectors and politicians had received bribes to overlook improper meat packing practices and allow sales of tainted food. How would the closing of export markets for a country’s beef products together with a fall in domestic sales of beef products and an increase in the domestic equilibrium quantity be reflected in supply-anddemand diagrams of that country’s foreign and domestic markets for beef in the short run?1. Both countries agree that one tonne of steel can be exchanged for one tonne of oil. Calculate the gains after trade is allowed if Country A consumes 30 tonnes of oil domestically.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)
- 7. Consider a country that imports a good from abroad.For each of following statements, state whether it istrue or false. Explain your answer.a. “The greater the elasticity of demand, the greaterthe gains from trade.”b. “If demand is perfectly inelastic, there are no gainsfrom trade.”c. “If demand is perfectly inelastic, consumers donot benefit from trade.”Question: What Is The Effect Of An Increase In Import Tariff On A Popular Good To Consumers?14. The gain to consumers from trade in Country A is $_______. 15. The net gain to the economy as a result of trade in Country A is $______. 16. What quantity will Country A supply to the rest of the world at P=$15? 17. What quantity will Country A supply to the rest of the world at P=$19?
