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Say that romania puts a tariff of 6% on its exports and 21% on its imports. if romania has a trade deficit of (equivalent us dollars) $26.76 billion and gained tariff revenue of $18.9603 billion, how much are romania’s imports worth? a. $62.56 billion b. $64.29 billion c. $76.17 billion d. $97.04 billion please select the best answer from the choices provided a b c d

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Lanuel

The amount of money that Romania’s imports are worth is equal to: C. $76.17 billion.

Given the following data:

Exports tariff = 6% = 0.06.

Imports tariff = 21% = 0.21.

Trade deficit = $26.76 billion.

Tariff revenue = $18.9603 billion.

How to calculate Romania’s imports?

In order to determine how much Romania’s imports are worth, we would write a mathematical expression for the total tariff revenue and trade deficit as follows:

0.06E - 0.21I = 18.9603    .....total tariff revenue (eqn. 1).

I - E = 26.76                       .....trade deficit (eqn. 2).

From eqn. 2, we have:

E = I - 26.76     ..equation 3.

Substituting eqn. 3 into eqn. 1, we have:

0.06(I - 26.76) - 0.21I = 18.9603

0.06I - 1.6056 - 0.21I = 18.9603

0.27I = 18.9603 + 1.6056

0.27I = 20.5659

I = 20.5659/0.27

I = $76.17 billion.

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