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Part One: By the government proposing a 45% tariff on imported steel, what should the U.S. steel producers do to make this barrier beneficial to more people?

Part Two: If the government does not propose a 45% tariff on imported steel, what should the U.S. government do to reduce the negative impacts of free trade?

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019

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Related questions

40) The main difference between a tariff and an "equivalent" voluntary export restriction (VER) is that A) a tariff allows the government of the importing country to appropriate the extra market value of the imported good, but with a VER the extra market value accrues to the good's producers. B) a tariff allows the extra market value of the good to accrue to the supplier, but a VER allows the extra market value to be appropriated by the government of the importing country. C) a tariff restricts free trade between two countries and a VER does not. D) a tariff keeps the price in the importing country higher than it would otherwise be; a VER does not. E) none of the above.

PLease explain how you got your answers! :)

The domestic demand function for portable radios is given by Q=5,000-100P, where price (p) is measured in dollars and quantity is measured in thousands of radios per year. The domestic supply curve for radios is given by Q=150P. Suppose portable radios can be imported at a world rpice of $10 per radio.

a) If trade were completely free, how many radios would be imported?

b) The government imposed a $5 tariff on portable radios. How would this atriff change the market equilibrium? How many radios would be imported?

c) What is the change in net producer's surplus resulting fromthis tariff?

d) what is the change in net consumer's surplus resulting from this tariff?

e) What is the deadweight loss resulting from this tariff?

f) Instead of imposinga tariff, the government reached an agreement with foreign suppliers to "voluntarily" limit the portable radios they export to 1,250 per year. What is the deadweight loss resulting from this agreement?

a) ??When the United States placed a tariff on steel imports in2002, foreign producers naturally complained, but there were alsocomplaints from U.S. firms operating in other industries. Why wouldother types of firms strongly object to the tarriffs on U.S. steelimports?




b)? Name two factors that will increase the demand for labor, andtwo factors that will increase the supply of labor?




c) Explain what is it meant by, "internalizing anexternality"?




d) Most firms in an oligopoly earn economic profit, yet addionalfirms do not enter the market. Explain why not?

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