8:28 a bux.bracu.ac.bd Let us consider the case of Venezuela. A tariff is imposed on imported clothes in Venezuela. In the presence of free trade, the quantity of clothes produced locally in Venezuela was 15532 per year. After the imposition of tariff, the quantity of clothes produced locally in Venezuela increased by two-fifth (2/5) or 40% compared to the estimate of the previous sentence when there was free trade. The quantity of clothes bought locally in Venezuela was 34470 per year before tariff. The quantity of clothes bought locally in Venezuela decreased by 33% in the presence of tariffs compared to what it was during free trade. a) What was the quantity sold locally per year after tariff ? Please give your answers in two decimal places b) What is the quantity of clothes imported in Venezuela in a month on average after the imposition of the aforementioned tariff? Please give your answers in two decimal places c) What is the percentage change in the quantity of clothes imported in Venezuela per year after the imposition of the aforementioned tariff compared to free trade? Please give your answers in absolute value without percentage sign and in two decimal places. If your answer is -56.3452% write 56.35 6
8:28 a bux.bracu.ac.bd Let us consider the case of Venezuela. A tariff is imposed on imported clothes in Venezuela. In the presence of free trade, the quantity of clothes produced locally in Venezuela was 15532 per year. After the imposition of tariff, the quantity of clothes produced locally in Venezuela increased by two-fifth (2/5) or 40% compared to the estimate of the previous sentence when there was free trade. The quantity of clothes bought locally in Venezuela was 34470 per year before tariff. The quantity of clothes bought locally in Venezuela decreased by 33% in the presence of tariffs compared to what it was during free trade. a) What was the quantity sold locally per year after tariff ? Please give your answers in two decimal places b) What is the quantity of clothes imported in Venezuela in a month on average after the imposition of the aforementioned tariff? Please give your answers in two decimal places c) What is the percentage change in the quantity of clothes imported in Venezuela per year after the imposition of the aforementioned tariff compared to free trade? Please give your answers in absolute value without percentage sign and in two decimal places. If your answer is -56.3452% write 56.35 6
Foundations of Business (MindTap Course List)
6th Edition
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Chapter3: Global Business
Section3.3C: Reasons Against Trade Restrictions
Problem 1CC
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