Question 1
Average tariff rates are highest for
◦ high-income countries.
◦ low-income countries.
◦ middle-income countries.
◦ industrialized countries.
Question 2
Use the graph below and the following information to answer the next question(s). The world price of soybeans is $2.00 per bushel, and the importing country is small enough not to affect the world price.
Figure 6.1
Based on Figure 6.1, suppose the government puts a tariff of $0.25 per bushel on soybean imports. How much will the tariff
reduce imports?
◦ Imports will not change after the tariff.
◦ Imports will decrease by 10 million bushels.
◦ Imports will decrease by 20 million bushels.
◦ Imports will decrease by 60 million bushels.
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