The instruments of trade policy
14 important questions on The instruments of trade policy
What is the purpose of tariffs?
2) Protect particular domestic sectors
Describe the import demand curve
Describe how the export supply curve is derived
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Where is the world equilibrium price?
Describe the effects of a tariff
Describe the effects of a tariff in a small country
What are problems with trying to calculate the rate of protection?
2. Tariffs may have very different effects on different stages of production of a good.
What are the costs and benefits of a tariff for the importing country?
Consumer loss
Government revenue
Rectangle (e) represents the terms of trade gain that arises because a tariff lowers foreign export prices.
What are the effects of an export subsidy?
What are the effects of an import quota?
What is the difference between a quota and a tariff?
Definition of the voluntary export restraint
What is the difference between a VER and a tariff by the same amount?
Definition of a local content requirement
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