Question 1
What is typically the main objective of protectionist trade policies?
◦ to raise government revenues through tariffs
◦ to raise average real wages in the economy
◦ to shield local producers from foreign competition
◦ to create a level playing field
◦ to maximize world production
Question 2
The diagram below shows the demand and supply curves for refrigerators in Canada.
FIGURE 20-1
Refer to Figure 20-1. Suppose P0 is the world price. If Canada imposes a tariff causing the price of refrigerators in Canada to rise from P0 to P1, the consequence would be that
◦ both domestic production and domestic consumption would decrease by equal amounts.
◦ domestic production will increase from
Q1 to
Q2 and domestic consumption will fall from
Q5 to
Q4.
◦ domestic production will exceed domestic consumption.
◦ both domestic production and domestic consumption would increase by equal amounts.
◦ domestic production will increase from
Q1 to
Q3 and domestic consumption will fall from
Q5 to
Q3.
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