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SCENARIO: FINNISH STEEL Suppose That the Free­trade Price of a Ton of Steel

Question 67

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SCENARIO: FINNISH STEEL
Suppose that the free­trade price of a ton of steel is €500.(Note: € is the
Symbol for the euro, a common currency used in 16 European countries,
Including Finland.) Finland, a small country, imposes a €60 per­ton
Specific tariff on imported steel.With the tariff, Finland produces 300,000
Tons of steel and consumes 600,000 tons of steel.
Reference: Ref 8­5
(Scenario: Finnish Steel) How much total tariff revenue will the Finnish
Government collect as a result of the €60­per­ton tariff?


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

Correct Answer:

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