The University of Findlay Ch 7 International Economics Questions Response Please do all the question ch7 and 8………….! I need It………..!……..

The University of Findlay Ch 7 International Economics Questions Response Please do all the question ch7 and 8………….! I need It………..!…….. 1. In what ways are tariffs and quotas similar in their effects? In what ways do they differ?
2. Suppose that prospective importing firms hire lobbyists to help them secure from government
authorities the right to import quota-restricted items into a country. How much would importers as a
group be willing to pay lobbyists for their services? Explain. Suppose lobbyists are paid this amount.
What happens to domestic welfare in this case?
3. Suppose that a country requires special inspections on all imported food but exempts domestic
production from similar inspection. What effect would this have on imports, domestic production, prices,
and quantity consumed? Explain fully.
5. The United States has used quotas to protect its domestic sugar industry. What has been the likely
impact of these quotas on the world price of sugar (relative to the price that would exist under free trade)?
Explain.
8. The United States automakers have announced programs to build and market electric cars. Should the
United States impose temporary protection on this product to guarantee U.S. commercial success? Why or
why not?
9. Suppose that the domestic demand and supply for hats in a small open economy are given by
Q = 100 – P (demand)
Q = 50 + 2P (supply) where Q denotes quantity and P denotes price.
Ch:8
1. Examine Figure 8.1 carefully. In what periods were U.S.
tariffs high?
When were
they
low?
How
do
you
explain these
patterns?
3. What is dumping? What are the welfare costs of dumping? Why would firms ever dump? Explain
carefully.
4. Compare and contrast how the U.S. government handles antidumping and countervailing duty
cases.
5. What is Section 301 of U.S. trade law? Describe how it works. Do you think it is likely to be very
effective? Comment.
8. The late Milton Friedman often wrote that instead of imposing countervailing duties on subsidized
foreign goods, the United States should write a note of thanks to foreign tax payers. Do you agree? Why
or why not? Illustrate with a simple diagram.

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