The extra profit that producers make when supply is artificially limited by an import quota is referred to as:Question 4Select one:a.Specific tariffb.Subsidyc.Quota rentd.Tariff rate quota

A __________ limits the quantity of imported merchandise, thus minimizing competition faced by domestic products. tariff duty trading bloc trade agreement quota

Direct restrictions on the quantity of some good that may be imported into a country are known as:Question 5Select one:a.None of the aboveb.Ad valorem tariffsc.Specific tariffsd.Tariff rate quotas

Similar to import tariffs, import quotas tend to result in decreased producer surplus increased consumer surplus increased government revenue higher prices and reduced imports

A small country’s demand curve is given by Q=36-2P and its supply curve is given by Q=4P-12. Assume the world is currently in free trade and that the price under free trade is $4. What is the size of the import quota that, when introduced, would be equivalent (i.e. have the same impact on price and quantity) to the introduction of a $2 specific import tariff? Group of answer choices 35 26 12 13

This is as a source of revenue for the government and for the protection of domestic producers. a. import Tariff b. Import Duty c. Customs Duty d. Import Tax e. All of the above