M8 HW Question Microeconomicssolier
Directions: Please answer each of the following questions in a paragraph for each. Explain your thoughts with theory and examples where applicable.
- Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why?
- What are the arguments in favor of trade restrictions, and what are the counterarguments? According to most economists, do any of these arguments really justify trade restrictions? Explain.
- Using the graph, assume that the government imposes a $1 tariff on hammers. Answer the following questions given this information.
- What is the domestic price and quantity demanded of hammers after the tariff is imposed?
- What is the quantity of hammers imported before the tariff?
- What is the quantity of hammers imported after the tariff?
- What would be the amount of consumer surplus before the tariff?
- What would be the amount of consumer surplus after the tariff?
- What would be the amount of producer surplus before the tariff?
- What would be the amount of producer surplus after the tariff?
- What would be the amount of government revenue because of the tariff?
- What would be the total amount of deadweight loss due to the tariff?
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