Answer:
Benefit domestic producers of the protected good and harm domestic consumers of the protected good.
Explanation:
Trade policies tariffs and quotas benefit domestic producers of the protected good and harm domestic consumers of the protected good as they're made to pay for the consumption of imported products. Hence, under free trade there are more societal benefits due to the specialization of domestic goods.
Tariffs can reduce both the volume of exports and imports in a country.
In order to generate revenues, domestic government make use of tariffs while quotas do not generate any revenue for them.
Japan was isolated during the period of Tokugawa Shogunate ( from the mid 1500s to the mid 1800s ). The reasons why the Shoguns wanted to isolate country from the rest of the world are: foreign influences and the spread of Christianity.
The effects of the isolation:
- The influence of the foreigners was under the control.
- Christianity was forbidden.
- The growth of large centers into cities. The cities were easier to defend, but they relied on the rural communities.
- The wealth of country was increasing.
- China and Korea were allowed limited access.
- The Duch were allowed to trade in certain ports.
In the balance sheet, in order to account for the money or amounts that go to an fro in the sheet, we use the equation,
NW = As - Li
where NW is the networth, As is the asset, and Li is liabilities.
From the given above, the total asset (As) is given to be $166.859M. The net worth is equal to the sum of the common stock, cash, and retained earnings.
Networth = ($5.080 M) + ($8.040 M) + ($36.411 M)
Networth = $49.531
The the equation above, we may derive the equation for liability by transposing,
Li = Asset - Networth
Li = ($166.859 M) - ($49.531 M)
Li = $117.328
Hence, the total liability is equal to $117.328.
