Question

WTO had a tariffication process through which countries substituted their import quotas with tariffs. This is...

WTO had a tariffication process through which countries substituted their import quotas with tariffs. This is because economists usually think that quota is more inefficient for the global economy than an import tariff. Why is import quota more inefficient？ Using two real-world examples, explain some unintended(and undesirabel) consequence of quotas.

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
WTO had a tariffication process through which countries substituted their import quotas with tariffs. This is...
WTO had a tariffication process through which countries substituted their import quotas with tariffs. This is because economists usually think that quota is more inefficient for the global economy than an import tariff. Why is import quota more inefficient？ Using two real-world examples, explain some unintended(and undesirabel) consequence of quotas.
Chapter 5 Import Protection Policy: Import Tariffs I. Chapter Overview 1. Types of import tariffs in...
Chapter 5 Import Protection Policy: Import Tariffs I. Chapter Overview 1. Types of import tariffs in terms of the means of collection in terms of the different tariff rates applied in terms of special purposes for collection 2. The effects of import tariffs concepts of consumers surplus and producers surplus the welfare effects of import tariffs 3. Measurement of import tariffs the "height" of import tariffs nominal versus effective tariff rates II. Chapter Summary 1. The means of collecting import...
If a tariff in a small country reduces consumer surplus by $100, increases tariff revenue by...
If a tariff in a small country reduces consumer surplus by $100, increases tariff revenue by $50, and increases producer surplus by $20, then which of the following is incorrect? a. National welfare falls by $30. b. National welfare falls by $50. c. Deadweight loss is $30. d. The protection cost is $30. If a tariff of $10 per unit reduces the world price by $4, then a. The nation imposing the tariff must be a small nation. b. Domestic...
Suppose you work for a US based soybean manufacturing company which supplies soybeans to other countries,...
Suppose you work for a US based soybean manufacturing company which supplies soybeans to other countries, among which are China and Nigeria. From your company’s sales records, China is responsible for 80% of your company’s global sales and Nigeria is responsible for 0.2% of your company’s sales. Your contract with the companies in both countries has just expired and the week before negotiations are set to start, it is announced that tariffs have been placed on soybeans in both countries....
Consider two countries J and K. Both of them have equal amount of gross domestic product...
Consider two countries J and K. Both of them have equal amount of gross domestic product (GDP) measured in USA dollars. If the cost of living is cheaper in country K than in country J, which country do you think has a larger GDP in Purchasing Power Parity (PPP) measured in international dollars? a) It is difficult to know this b) Both have still equal GDP PPP c) Country J d) Country K When we say ‘Trade is pro-competition’, what...
Can I have your opinion on this research and possible correction? The global economy and government’s...
Can I have your opinion on this research and possible correction? The global economy and government’s ability to control its country’s currency. Definition of terms Global economy is an economic interdependence established between the most influential countries that drives the worldwide economic environment. It is also the aggregate economic output, movement and influence of all countries. (My Accounting course). Currency is the medium of exchange for goods and services. In short, its money, in the form of paper or coins,...
Someone posted from a discussion question..... Respond to the posted Economics has a big impact on...
Someone posted from a discussion question..... Respond to the posted Economics has a big impact on one's daily life. It affects the job you have, the wage you earn, the taxes you pay, the groceries and necessities you buy and the luxuries you may want. One big way it affects daily life is something we have all experienced with the pandemic, the supply chain. I had never given it much thought before Covid. If I wanted something, I would go...
How this case apply to globalization ? FREEPORT, Pa. The rising dollar is putting US. Manufacturers...
How this case apply to globalization ? FREEPORT, Pa. The rising dollar is putting US. Manufacturers through the equivalent of a new year's fitness regime, causing pain for now but also promising long-term gains in efficiency. After more than a decade of weakness, the dollar began surging in mid-2014 against the euro and many other currencies. That is making U.S.-made products pricier in other countries and imports cheaper in the U.S.-a combination that is likely to expand, the already gaping...
1. In which phase of the business cycle is the U.S. economy currently in? ________________. How...
1. In which phase of the business cycle is the U.S. economy currently in? ________________. How many months has the U.S. economy been in this stage of the business cycle? ___________ months 2. How long has the current expansion/recovery lasted to date? _________________ How does this compare to the average length of U.S. recessions since 1854? ______________________________. 3. What do the last four recoveries/expansions (that is, the current recovery/expansion and the previous three recovery/expansions), suggest about a new trend in...
THE GLOBAL BUSINESS ENVIRONMENT PBA4802 MAY/JUNE 2019 PORTFOLIO EXAMINATION Question You have just completed a PGD...
THE GLOBAL BUSINESS ENVIRONMENT PBA4802 MAY/JUNE 2019 PORTFOLIO EXAMINATION Question You have just completed a PGD module “The Global Business Environment” at the SBL. You have read an article that appeared in an international newspaper about South Africa titled “South Africa must Beware of Falling Behind” (see article below) and you noticed that there are some assumptions made in the article that you do not agree with. You have decided to write a critical review to the editor of the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT