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Suppose that, instead of a quota, Venezuela grants its import-competing producers a subsidy of $100 per TV set. In your diagram, draw the subsidy-adjusted supply schedule for Venezuelan producers.
Does the subsidy result in a rise in the price of TV sets above the free-trade level?
Determine Venezuela's production, consumption, and imports of TV sets under the subsidy.
What is the total cost of the subsidy to the Venezuelan government?
Of this amount, how much is transferred to Venezuelan producers in the form of producer surplus, and how much is absorbed by higher production costs due to inefficient domestic production?
Determine the overall welfare loss to Venezuela under the subsidy.
"Time" magazine, Canadian edition, has recently published an article on U.S. agricultural subsidies titled "Why our Farm Policy is Failing", November 2nd, 2007.
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