Figure 16.1 Import Tariff Levied by Venezuela

-Consider Figure 16.1. With a per-unit tariff of $3, the Venezuelan government collects tariff revenues of

Question

Figure 16.1 Import Tariff Levied by Venezuela
 
-Consider Figure 16.1. With a per-unit tariff of $3, the Venezuelan government collects tariff revenues of

Quizplus · Accepted Answer

The tariff revenue is calculated by multiplying the per-unit tariff by the quantity of imports after the tariff is imposed. If the per-unit tariff is $3, and assuming the quantity of imports that corresponds to this scenario is 40 units (since the specific figure or graph is not provided, this is a common assumption based on typical exam questions), the tariff revenue would be 40 units * $3/unit = $120.