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Author Question: The table below shows the prices in Canada of one kilogram of cheddar cheese produced in three ... (Read 108 times)

Austinleez3

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The table below shows the prices in Canada of one kilogram of cheddar cheese produced in three different countries. Assume that all cheddar cheese is identical.

Producing CountryCanadian Price in $Canadian Price in $
Free Trade40% Import Tariff
Canada10.00________
United Kingdom  9.00________
United States  8.00________

TABLE 20-1

Refer to Table 20-1. Assume there is free trade in cheddar cheese and Canada imports the lowest price cheese from the United States. If a 40% tariff is then imposed on U.S. imports, Canada would be likely to purchase its cheese from ________. This situation would be one of ________.
◦ United States; trade diversion
◦ United States; trade creation
◦ United Kingdom; trade creation
◦ United States; free trade
◦ United Kingdom; trade diversion


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Marked as best answer by Austinleez3 on Oct 12, 2022

jbsuccess1

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Austinleez3

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Reply 2 on: Oct 12, 2022
Thanks for the timely response, appreciate it


bitingbit

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Reply 3 on: Yesterday
:D TYSM

 

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