Question

In many cases, the reason tariffs and quotas are imposed is that they create net benefits in the long run. they reduce import dependence. their costs are spread among many people and their benefits are concentrated. their costs are concentrated and their benefits are spread among many people. DQuestion 20 1 pts Usually the removal of trade barriers affecting a particular good benefits domestically, each of whom gains a people a few little many; lot a few lot many: little Question 21 1 pts Aquilonia has decided to end its policy of not trading with the rest of the world. When it ends its trade restrictions, it discovers that it is importing incense, exporting steel, and neither importing nor exporting rugs. Which groups in Aquilonia are better off as a result of the new free-trade policy? consumers of all three goods consumers of incense and producers of rugs producers of incense and consumers of steel producers of steel and consumers of incense DQuestion 22 1pts The United States imports sugar from the West Indies. If the United States imposes an import quota on imported sugar from the West Indies, then both US consumers and US producers will gain. there will be no effect on the price and US consumer surplus will remain unchangec this will lead to a loss in US comsumer surplus as the price in the US will increase and will be greater than the gain in producer surplus

Answer 1

Ans:19 They reduce import dependence

Ans:20 Many people domestically, each of whom gains a little

Ans:21 producers of steel and consumers of incense

Ans:22 this will lead to a loss in US consumer surplus as the price in the US will increase and will be greater than the gain in producer surplus.