All your Writing needs covered

International economicsproblem set | Economics homework help

Calculate the price
your order:

275 words
Approximate price
$ 0.00

International economicsproblem set | Economics homework help Short Answer1. What is the difference between free-trade areas and customs unions?2. How do consumer and producer surplus add to a country’s welfare?3. Define deadweight loss.4. What is a terms-of-trade gain?5. Define quota rents. Problem Solving1. Aoslia is a small country that takes the world price of corn as given. Its domestic supply and demand for corn is given by the following:D = 45 − 3PS = 3P − 9(a) Assume initially that Aoslia does not open to trade. What is the autarky equilibrium price and quantity?(b) Suppose Aoslia decides to engage in trade. Determine the quantity demanded, quantity supplied, and import given the world price of $6 per bushel of corn.(c) If the Aoslia government imposes a tariff in the amount of $1 (i. e. , t = $1), what is the new domestic price? What is the amount imported?(d) Determine the effect of the tariff on the Aoslian consumers, producers, and the government.(e) Calculate the terms-of-trade gain. What is the net effect of the tariff on Aoslia’s welfare? Explain2. Refer to the above problem. Suppose the Aoslian government applies an import quota that limits imports to 12 bushels of corn.(a) Determine the quantity demanded, quantity supplied, and the new domestic price with the quota.(b) Calculate the quota rent.(c) Assuming that the quota licenses are allocated to domestic producers, what is the net effect of the quota on Aoslia’s welfare?(d) Assuming that the quota rents are earned by foreign exporters, what is the net effect of the quota on Aoslia’s welfare? PS 02A (Trade Policy Instruments)—Page 1 of 3Do not duplicate or distribute. Do not duplicate or distribute. Do not duplicate or distribute. Econ-4040-001 14SSInternational EconomicsProblem Set 02A (Trade Policy Instruments) (a) Assume that the world price is P W = $5. Determine the consumer and producer surplus under free trade.(b) Suppose the Home government imposes a tariff in the amount of $4 (i.e., t = $4). What is the new Home price? What is the price received by the foreign exporters?(c) Determine the terms of trade for Home with the tariff.(d) Does Home welfare increase or decrease due to the tariff? Explain.4. Refer to the problem above. At what amount would the tariff be considered prohibitive? Explain Web Links1. In September 2009, in a move intended to assist the domestic tire industry, President Obama imposed tariffs on tires imported from China. The positions of supporters and opponents of the measure are available in the Washington Post article “U.S. to Impose Tariff on Tires From China,” Sept. 12, 2009 at 11/AR2009091103957.html.According to the article, how many jobs were lost from 2004 to 2009 in the U.S. tire industry?2. Further information on the Multifibre Arrangement can be found at english/tratop e/texti e/texintro e.htm


Unlock your academic potential with! Place your essay order today and experience top-notch writing services that guarantee academic success. Our expert writers are ready to craft customized papers that will exceed your expectations.Don't wait, order now and elevate your grades

Order Now

Basic features

  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support

On-demand options

  • Writer's samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading

Paper format

  • 275 words per page
  • 12pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, CHicago/Turabian, Havard)

Guaranteed originality

We guarantee 0% plagiarism! Our orders are custom made from scratch. Our team is dedicated to providing you academic papers with zero traces of plagiarism.

Affordable prices

We know how hard it is to pay the bills while being in college, which is why our rates are extremely affordable and within your budget. You will not find any other company that provides the same quality of work for such affordable prices.

Best experts

Our writer are the crème de la crème of the essay writing industry. They are highly qualified in their field of expertise and have extensive experience when it comes to research papers, term essays or any other academic assignment that you may be given!

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:

Expert paper writers are just a few clicks away

Place an order in 3 easy steps. Takes less than 5 mins.