Suppose That the Free-Trade Price of a Ton of Steel

question 70

Multiple Choice

Suppose that the free-trade price of a ton of steel is €500. (Note: € is the symbol for the euro, a common currency used in 19 European countries, including Finland.) Finland, a small country, imposes a €60 per-ton specific tariff on imported steel. With the tariff, Finland produces 300,000 tons of steel and consumes 600,000 tons of steel. How much total tariff revenue will the Finnish government collect as a result of the €60-per-ton tariff?

• A) €6 million
• B) €12 million
• C) €18 million
• D) €30 million

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Definitions:

Ultraviolet Light

A form of electromagnetic radiation with a wavelength shorter than that of visible light but longer than X-rays, capable of causing chemical reactions and damage to living organisms.

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Slight Sunburn

Mild overexposure of the skin to ultraviolet light from the sun, causing redness and discomfort but usually healing without serious consequences.

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The formation of a blood clot within a vein, which restricts blood flow and can lead to swelling and pain, potentially causing serious health problems if dislodged.