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PLEASE ANSWER ALL OF THE FOLLOWING SIX (6) QUESTIONS. YOU MUST CALCULATE AND/OR FULLY EXPLAIN ALL YOUR ANSWERS.

1. Who is an import tariff intended to protect ?(1 point)

2. What happens if Pd < Pw ?(1 point)

3. A vegetable fiber is traded in a competitive world market, and the world price is $9.00 per pound. Unlimited quantities are available for import into the U.S. at this price. The U.S. domestic supply and demand for various price levels are shown below.

Price U.S. Supply. (million lbs.) U.S. Demand. (million lbs.)

3 2. 34

6 4 28

9 6 22

12 8 16

15 10 10

18 12 4

a) If the U.S. government imposes an import tariff of $3.00 per pound, what will be the U.S. level of imports ?(1 point)How much revenue will the government earn from the

tariff?(1 point)

b) If the U.S. has no tariff but imposes an import quota of 24 million pounds, what will be the price in the U.S.?(1 point)

4. What is themaindifference between tariffs and quotas?(1 point)

5.Differentiate direct from indirect subsidies. (1 point)

6. Tariffs lead to all of the following except: (Choose the best answer and explain) (1 point)

(a) higher prices for domestic consumers.

(b) an increase in government revenue.

(c) higher prices for domestic firms.

(d) higher prices for foreign producers of the product.