-The United States Imports Cheese from a Variety of Countries

question 140

Essay

-The United States imports cheese from a variety of countries. The table above gives the domestic supply of, and demand for, cheese in the United States. The world price of cheese is $12 per pound, and trade is unrestricted.
a) How many pounds of cheese are consumed in the United States?
b) How many pounds of cheese are produced in the United States?
c) How many pounds of cheese are imported into the United States?
If a $3 per pound tariff is imposed,
d) How many pounds of cheese are consumed in the United States?
e) How many pounds of cheese are produced in the United States?
f) How many pounds of cheese are imported into the United States?
g) How much will the U.S. government collect in tariff revenue?
h) Who benefits from the tariff? Who loses?

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Definitions:

Effective

Being successful in producing a desired or intended result, often used to describe strategies, policies, or products that achieve their goals efficiently.

Sender

The person or entity that initiates a message or communication to a receiver.

Message

A piece of communication that is sent from one person or entity to another, conveying information, feelings, or instructions.

Composes

To create or put together elements or components in a particular form or structure, such as writing music, authoring documents, or assembling pieces to form a whole.