MCQ on international tradeWhich of the following observations about a tariff isnottrue? A tariff:a. is usually anad valoremtaxb. can raise revenues for the imposing governmentc. usually benefits domestic producers more than consumersd. can be used to protect foreign industriese. all of the aboveAnswer: D Show 3. An economic transaction is recorded in the balance of payments as a debit if it leads to Get answer to your question and much more 4. In the above partial diagram of a tariff, traditional labeling for the four areas shown isa,b,c, and d, moving from left to right. Which areas show the losses to consumers that arenotoffset by gains to someone else. Get answer to your question and much more 5. In the above diagram, the quantity of importsafterthe imposition of the tariff is seenby Get answer to your question and much more 6. In the above diagram, the revenues associated with customs duties are given bya. the height of ab. the area of ac. the area of cd. the base of be. the area of a minus the area of c.Answer: c 7. Which of the following isnotrecorded as a debit item in the U.S. balance-of-paymentsaccounts? Get answer to your question and much more 8. . Which of the following is true with respect to the infant industry argument forprotection? Get answer to your question and much more 9. The nationally optimal tariff hopes to take advantage of the idea that Get answer to your question and much more minimalb. you can limit imports and extract low import prices fromforeign suppliers if you are amajor world buyerc. you can gain optimal tariff revenues for public purposes by taxing foreign importsd. you can charge optimal (minimal) tariffs and encourage good will from trade partners,leading to tariff-free exports for domestic producers and workerse. all of the above are trueAnswer: b Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document Question DetailsAACSB : Knowledge ApplicationAccessibility : Keyboard NavigationBloom's : RememberDifficulty : 1 EasyLearning Objective : 07-01 Identify the policy instruments used bygovernments to influenceinternatiTopic : Trade Policy andGovernment Intervention inInternational TradeGradable : automatic26)Import tariffs Get answer to your question and much more Question DetailsAACSB : Knowledge ApplicationAccessibility : Keyboard NavigationLearning Objective : 07-01 Identify the policy instruments used bygovernments to influence internatiTopic : Trade Policy and Government Intervention in International TradeBloom's : UnderstandDifficulty : 2 MediumGradable : automatic27)In the United States, the only firms allowed to importcheese are certain trading companies, each of which isallocated the right to import a maximum number of pounds ofcheese each year. This isan example of Get answer to your question and much more Question DetailsAACSB : Knowledge ApplicationAccessibility : Keyboard NavigationLearning Objective : 07-01 Identify the policy instruments used bygovernments to influence internatiDifficulty : 2 MediumTopic : Trade RestrictionsBloom's : ApplyGradable : automaticVersion 112 What is tariff explain?A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services.
Who benefits from an import tariff?The importing countries usually benefit from a tariff, as they are the ones imposing the tariff and collecting the revenue. Domestic businesses also benefit from tariffs because it makes their goods cheaper than imported goods, hence driving up the demand for their products.
What is a tariff quizlet marketing?tariff. Tariff. a tax on imports. - Tariffs raise the price of imported goods relative to domestic goods (goods produced at home). - Tariff may be used as revenue-generating taxes or to discouraging the importation of goods or services.
Who benefits the most from an import tariff quizlet?Who benefits from an import tariff? Explanation: The government gains, because the tariff increases government revenues. Domestic producers gain, because the tariff affords them some protection against foreign competitors by increasing the cost of imported foreign goods.
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