Quiz 4

Based on the above graph, with the tariff, the government collects:

$150,000.

Based on the above graph, With free trade, the total value of imports would equal:

$500,000.

Specific tariffs are collected as:

Fixed amounts of money per unit traded.

Based on the above graph, with the tariff, the sales of goods by domestic producers increases by:

2,000 units.

Based on the above graph, with the tariff, the quantity of imports falls to:

30,000 units.

Refer to the graph. With free trade, the total quantity of imports would equal:

50,000 units.

Ad valorem tariffs are collected as:

A percentage of the price of the product.

The United State charges:

Lower Tariff rates on goods from countries with most favored nation status.

Following the imposition of the Smoot-Hawley tariff:

More than 40 countries imposed higher tariffs of their own.