Refer to figure 52 the tariffs deadweight welfare

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45. Refer to Figure 5.2. The tariff’s deadweight welfare loss to the United States totals: a. $450 b. $550 c. $650 d. $750 46. According to Figure 5.2, the tariff’s terms-of-trade effect equals: 47. According to Figure 5.2, the tariff leads to the overall welfare of the United States: 48. Suppose that the production of $500,000 worth of steel in the United States requires $100,000 worth of iron ore. The U.S. nominal tariff rates for importing these goods are 15 percent for steel and 5 percent for iron ore. Given this information, the effective rate of protection for the U.S. steel industry is approximately: 49. Suppose that the production of a $30,000 automobile in Canada requires $10,000 worth of steel. The Canadian nominal tariff rates for importing these goods are 25 percent for automobiles and 10 percent for steel. Given this information, the effective rate of protection for the Canadian automobile industry is approximately: a. 15 percent b. 32 percent c. 48 percent d. 67 percent 9
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