DP Economics Questionbank

Plot and label the world cotton supply curve that San Marcus now faces on Figure 3.

Using an international trade diagram, explain the effect of a tariff on the imports of tinplate steel (paragraph [1]).

Using a tariff diagram, explain the effect of the “preliminary tariffs” on Canadian consumers of drywall (paragraph [3]).

Using information from the text/data and your knowledge of economics, evaluate the effect of the tariff on drywall on different stakeholders.

State one administrative barrier that Country Z could use in order to restrict imports.

Define the term quota indicated in bold in the text (paragraph [4]).

Using an international trade diagram, explain the likely impact of Japan “removing the current 30 % tariff” on the level of cheddar cheese imports. (paragraph [4]).

Using Figure 7, identify the equilibrium quantity being consumed following the imposition of the tariff.

Using Figure 7, calculate the revenue received by the government as a result of the imposition of the tariff in Country B.

Using Figure 7, calculate the change in consumer surplus as a result of Country B imposing the tariff.

Using Figure 7, calculate the welfare loss as a result of Country B imposing the tariff.

Define the term tariff indicated in bold in the text (paragraph [2]).

Using an international trade diagram, explain the outcome on US producers of the introduction of a tariff on imports from China (paragraph [2]).

Define the term quotas indicated in bold in the text (paragraph [2]).

Using an international trade diagram, explain how “increased quotas for the export of rice to Japan” will affect the price of rice in Japan (paragraph [2]).

Define the term trade war indicated in bold in the text (paragraph [1])

Using an international trade diagram, explain how US tariffs could affect the export of Chinese steel and aluminium to the US (paragraph [2]).

Using a demand and supply diagram, explain how reduced tariffs on “imported factors of production” would affect the price of Chinese goods (paragraph [7]).

Using information from the text/data and your knowledge of economics, evaluate the impact on the economy in the Philippines of removing the rice quota.

Using a tariff diagram, explain the likely effect on consumer surplus of a 25 % tariff on all wooden furniture imported into the US (paragraph [5]).

Using information from the text/data and your knowledge of economics, evaluate China’s use of subsidies as a form of trade protection.

Define the term tariffs indicated in bold in the text (paragraph [5]).

Using a demand and supply diagram for processed food, explain how the EU’s tariff on palm oil might impact the market for processed food in the EU (paragraph [5]).

Calculate the change in consumer expenditure on imported chia seeds in Nofiberland resulting from the imposition of the tariff.

Calculate the total welfare loss resulting from the imposition of the tariff on chia seeds.

Using an international trade diagram, explain the likely impact of the removal of import quotas on North Macedonia’s production of wine (Text C).

Define the term tariffs indicated in bold in the text (Text D, paragraph [5]).