25 20 15 10 5 O P 3 CO S 9 12 15 18 21 24 IP D 25. If the free trade price is IP and this country imposes an import quota of 6 units, what will be the resulting efficiency loss? O a) $3 b) $9 c) $13.5 O d) $40.5 O e) $18
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- 25 20 15 10 5 O 0 O b) $27 Oc) $13.5 O d) $18 Oe) $40.5 10 369 S 12 15 18 21 24 Q 23. If the free trade price is IP and this country imposes a trade tariff of $3, what will be amount of revenue the government collects? O a) $3 -IP O3 1190 Domestic Demand E 1140 1090 PRICE (Dollars per ton) 1040 990 940 890 840 790 740 690 0 10 20 + I 1 1 R 30 40 50 60 70 QUANTITY (Tons of limes) A tariff set at this level would raise $ F If Zambia is open to international trade in limes without any restrictions, it will import % Domestic Supply 5 T Suppose the Zambian government wants to reduce imports to exactly 40 tons of limes to help domestic producers. A tariff of achieve this. G 1 I 6 P. 80 90 100 W Y in revenue for the Zambian government. H & 7 ? U 8 00 J tons of limes. Grade It Now 9 K O per ton will Save & Continue Continue without eaving O P140 120 100 80 60 60 40 20 0 0 500 1000 Ps 1500 Pd 2000 2500 Refer to the above Figure. Suppose the free-trade price equals $75. Also, assume an export subsidy of $10. What would be the amount of exports after the subsidy? O O O O 700 1700 1200 1000
- 25 20 15 10 5 0 S e) $13.5 -IP 0369 12 15 18 21 24 24. If the free trade price is IP and this country imposes a trade tariff of $3, what will be the resulting welfare loss to consumers? (Hint: the area of a triangle is 1/2 the base times the heigh O a) $3 Ob) $40.5 O c) SO O d) $27Quantity Demanded Domestically Price 1,850 $ 16 15 14 13 12 11 2,650 2,450 2,250 2,050 2,650 1,850 2,850 1,650 Refer to the accompanying table for a certain product's market in Econland. If Econland was entirely closed to international trade, the equilibrium price and quantity would be 2,050 2,250 2,450 Mutiple Choice O $14 and 2.250 un $15 and 2450 units $12 and 1,850 units Quantity Supplied Domestically $13 and 2450 un57. Price, P 48- 44- 40- 36- 32- 28- 24- 20- 16- 12- 8- 4- 0- 9 10 11 12 Quantity, Q Refer to the above figure: the importing country imposes a tariff that raises the domestic price from $16 to $24. But lowers the export price from $16 to $8. What is the gain in producer surplus? O A. $8 о в. $24 O C. $36 O D. $32 77. Price, P 487 44- 40- 36- 32- 28- 24- 20- 16- 12- 8- 4- 0- 1 10 11 12 Quantity, Q 2 8. Refer to the above figure: The importing country imposes a tariff that raises the domestic price from $16 to $24. But lowers the export price from $16 to $8. As a result of the tariff government revenue is respectively. and the prodution distortion loss is O A. $16: $8 O B. $16: $4 OC. $32: $8 O D. $32: $4 30. CHAMPAGNE aLW= 5 hours per gallon a'Lw = 4 hours per gallon STRAWBERRIES НОМЕ FOREIGN aLc = 4 hours per pound a'lc = 2 hours per pound Which of the following statements are true? O A. Home has the absolute advantage in both strawberries and champagne and the comparative advantage…
- QUESTION 24 P 25 20 15 10 5 0 0 3 6 9 12 15 18 21 24 IP D 24. If the free trade price is IP and this country imposes a trade tariff of $3, what will be the resulting welfare loss to consumers? (HInt: the area of a triangle is 1/2 the base times the height) O a) $3 O b) $40.5 c) $9 d) $27 e) $13.52' 00 Price (S) LL I %24 Price (S) Question 57 of 60 > (Figure: Market for Watches in Countries A and B) Referring to the graphs, we see that, as a result of free trade, consumers of watches in country A and consumers of watches in country Country A Country B 002 互 DOL D. Watches Watches will be the winners; will be the losers O The consumers in both countries will end up winning. will be the losers; will be the winners The consumers in both countries will end up losing. 10:14 PM 75°F A ENG 12/12/2021 O J O : pua dn 6d SuI prt sc delete f8 4+ 114 61 f5 91 unu lock f4 backspace & %24 4. 6 6. 7. 5. home dn 6d enter pause ↑ shift pue ctri SU altQ4. The supply S and demand D for sugar in US are: S = 3500 + 6.2P D = 10500 – 3.8P where P is the price of sugar (in tons) and S and D are in thousand tons. The world price is 300 $/ton. Assume that the US is a small country in the sugar market. (a) If there was free trade, how much sugar would the United States import from the rest of the world?
- Question Completion Status: 25 Sd 20 15 p* a bc IP 10 Dd 0 3 6. 12 15 18 21 24 18. If the free trade price is IP and this country imposes a trade tariff of $3, the loss to consumers as a result of the imposition of the tariff is represented by O (a) area (a) in this graph O (b) area (b) in this graph (c) areas (c) + d) (d) areas (b) + (c) + (d) (e) areas (a) + (b) + (c) + (d) 9.QUESTION 21 P COUNTRY 1 25 20 15 10 5 d1 Q 0- 0 3 6 9 121 51 82 124 s1 IP INTERNATIONAL MARKET P 25 20- 15- A 21. What will be the quantity demanded by country 1 from the rest of the world at a price of 5? a) 6 b) 9 O c) 12 d) 15 25 20 15 101 5 D1 0- S2 S1 IP D2 10 5 0 0 3 6 91215182124Q P COUNTRY 2 s2 IP d2 0 3 6 9 1215182124QAssume a perfectly competitive market and the exporting country is small. Using a demand and supply diagram, show the impact of increasing standards on a low-income exporter of toys. Show the tariffs impact. Is the effect on toy prices the same or different? Why is a standards policy preferred to tariffs?