Which of the following is NOT true about the VER? A. It always produces a loss...
Which of the following is NOT true about the VER?
A.
It always produces a loss for the importing country.
B.
They are frequently imposed at the request of an importer.
C.
It is an export quota.
D.
It benefits the exporting country as a whole.
Homework Answers
Option (D).
VER is form of an export quota which is sometimes imposed by exporting country, on request from an importing country. A VER increases consumer surplus (CS) and decreases producer surplus (PS) in exporting country, and gives rise to a quota rent.
If (Increase in CS + Quota rent) > Decrease in PS, social welfare in exporting country increases.
If (Increase in CS + Quota rent) < Decrease in PS, social welfare in exporting country decreases.
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