which scenario describes the operation of a tariff? ireland taxes the import of potatoes in order to keep domestic farmers in business. norway becomes an exporter of fireworks after it opens up trade with the world market and realizes its market price is lower than the world price. angola opens up trade with the world corn market and decides to maintain its previous market price. consumers in turkey, who pay $4 per cup of tea, demand that the government open up trade with the world market because they know the world price is $2 per cup. which is not an effect of a tariff? increased demand deadweight loss decreased imports a domestic market price above world market price

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17-12-2022
Business

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which scenario describes the operation of a tariff? ireland taxes the import of potatoes in order to keep domestic farmers in business. norway becomes an exporter of fireworks after it opens up trade with the world market and realizes its market price is lower than the world price. angola opens up trade with the world corn market and decides to maintain its previous market price. consumers in turkey, who pay $4 per cup of tea, demand that the government open up trade with the world market because they know the world price is $2 per cup. which is not an effect of a tariff? increased demand deadweight loss decreased imports a domestic market price above world market price

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qwcricket qwcricket · Answer 1 · 2022-12-20T17:00:07+01:00

The operation of tariff is described by Norway becoming an exporter of fireworks after it opens up trade with world market and realizes its market price is lower than world price.

A tariff refers to a tax or fee that a government imposes on goods or services imported into or exported out of its country. If Norway opens up trade with the world market and becomes an exporter of fireworks, it may face tariffs imposed by other countries on its exports.

If the market price of Norway's fireworks is lower than the world price, it could lead to an increase in exports, as other countries may be willing to pay the lower price for the fireworks. However, if other countries impose tariffs on the fireworks, the price may increase, making them less competitive in the global market. In this case, Norway's exports may not increase as much as expected. It is important for countries to consider the impact of tariffs on their exports and imports, as well as the potential effects on domestic industries and consumers.