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
select the best answer from the choices provided a b c d

Option B

Step-by-step explanation:

Let X be the export and I be the import.

It is given that Lebanon has a balance of trade of (equivalent US dollars) $5,510,000.

Balance of trade = Export - Import

                  (1)

The import tariff is 13%, and the export tariff is 8%. Lebanon received tariff revenue of $4,019,200.

          (2)

Substitute the value of X from equation (1).

Divide both sides by 0.21.

Substitute the value of I in equation (1).

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

Therefore the correct option is B.

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