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Study Guide Exam 4 - Study Guide Exam 4 Chapter 4 What are...

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Study Guide Exam 4 Chapter 4 What are tariffs, why are they imposed? Types of tariffs. Be able to explain and calculate effective rate of protection. How does it relate to tariff escalation? How does it relate to Off-shore assembly provisions? Be able to show/calculate effect of tariff on various measures of welfare – consumer surplus, producer surplus, etc. for both small and large countries. Understand concept of large country and the optimal tariff. Material on pp. 134-141 will not be on the exam. Chapter 5 Understand what a quota is, how it differs from a tariff. Be able to calculate welfare effects for both large and small country. VERs, domestic content, subsidies for domestic production (but not for exports). Understand what we mean by dumping, why it happens and US government rules and
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