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Author Question: The United States imports cheese from a variety of countries. The table above gives the domestic ... (Read 58 times)

Pineappleeh

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on: Jun 29, 2018
The United States imports cheese from a variety of countries. The table above gives the domestic supply of, and demand for, cheese in the United States. The world price of cheese is 12 per pound, and trade is unrestricted.
 
  a. How many pounds of cheese are consumed in the United States?
  b. How many pounds of cheese are produced in the United States?
  c. How many pounds of cheese are imported into the United States?
 
  If a 3 per pound tariff is imposed,
  d. How many pounds of cheese are consumed in the United States?
  e. How many pounds of cheese are produced in the United States?
  f. How many pounds of cheese are imported into the United States?
  g. How much will the U.S. government collect in tariff revenue?
  h. Who benefits from the tariff? Who loses?

Question 2

The calculation of GDP using the income approach EXCLUDES
 
  A) rent.
  B) interest.
  C) environment quality.
  D) wages.
  E) profit.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
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akudia

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Reply #1 on: Jun 29, 2018
Answer to Question 1

a. 180,000 pounds of cheese are consumed.
b. 60,000 pounds of cheese are produced.
c. 120,000 pounds of cheese are imported.
d. 140,000 pounds of cheese are consumed.
e. 80,000 pounds of cheese are produced.
f. 60,000 pounds of cheese are imported.
g. The government collects 3 per pound  60,000 pounds = 180,000.
h. U.S. producers and the U.S. government gain while U.S. consumers and foreign producers lose.

Answer to Question 2

C


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