Suppose that Lebanon has placed tariffs on its imports and exports. The import tariff is 13%, and the export tariff is 8%. If Lebanon has a balance of trade of (equivalent US dollars) $5,510,000 and received tariff revenue of $4,019,200, what are its imports and exports worth?

a.

$30,916,923 in imports, $50,240,000 in exports

b.

$17,040,000 in imports, $22,550,000 in exports

c.

$6,226,300 in imports, $5,950,800 in exports

d.

$4,793,700 in imports, $5,069,200 in exports

Question

Mathematics

Brielle Short

16 November, 05:33

Suppose that Lebanon has placed tariffs on its imports and exports. The import tariff is 13%, and the export tariff is 8%. If Lebanon has a balance of trade of (equivalent US dollars) $5,510,000 and received tariff revenue of $4,019,200, what are its imports and exports worth?

a.

$30,916,923 in imports, $50,240,000 in exports

b.

$17,040,000 in imports, $22,550,000 in exports

c.

$6,226,300 in imports, $5,950,800 in exports

d.

$4,793,700 in imports, $5,069,200 in exports

+4

Answers (1)

Know the Answer?

Kaelyn Allison · Answer 1

The amount generated by tariffs is $4,019,200 and this is 13% of the imports. Therefore, the imports are:

4,019,200 / 13%

= $ 30,916,923

Using the same method for the exports, we find that the exports are worth $50,240,000.

Therefore, the answer is A.