Tariff on textiles is equivalent to a tax on consumers

Assignment Help Business Economics

Reference no: EM131006456

Evaluate each of the following statements:

a) A tariff on textiles is equivalent to a tax on consumers and a subsidy to the textile producers and workers

b) A tariff lowers the real income of the country, while at the same time it distributes income from the consumers to the governments and to the import-competing industry (Use a diagram)

c) Chinese mushrooms undersell American mushrooms because Chinese labor is cheaper than American labor. We should impose a high tariff on mushrooms until China agrees to raise wage rates to the level prevailing in the United States

Reference no: EM131006456

Questions Cloud

Saved by that time in order maintain her modest lifestyle : Janet Elliot just turned 20 and received a gift of $20,000 from her rich uncle. Janet plans ahead and would like to retire on her 55th birthday. She thinks she'll need about 1$million saved by that time in order maintain her modest lifestyle. How muc..

Is acid rain a problem for plant species and crop : Knowing that acid rain has a pH of 2 - 3 would you conclude that crop species with a narrow soil pH range are in trouble? Explain why, or why not, using scientific reasoning. Is acid rain a problem for plant species and crops?

What''s the longest time a human can hold their breath : What's the longest time a human can hold their breath?

Briefly describe the person profiled in this personal story : In 1 paragraph, briefly describe the person profiled in this personal story (e.g. gender, age, background, and any other pertinent information that will put the person's experience with PTSD into perspective)

Tariff on textiles is equivalent to a tax on consumers : A tariff on textiles is equivalent to a tax on consumers and a subsidy to the textile producers and workers. A tariff lowers the real income of the country, while at the same time it distributes income from the consumers to the governments and to the..

Prepare any journal entry necessary to correct the error : Prepare any journal entry necessary to correct the error as of January 1, 2011, so that prior years' financial statements can be restated.

How much protein to consume to gain mass : How much protein to consume to gain mass for 18 year old 170 pounds.

Tariff on imported cars-explain the effects : Suppose the United States levied a 20% tariff on imported cars. Explain the effects on:

Which hormones is responsible for the emotional states : Which hormones is responsible for the emotional states such as fear, anger and tension and a rise in blood pressure and heart rate?

User Account

All Pages