Answer question 5 to 7 below based upon the following diagramPA$25$15$1010,000 12.000 25,000 42,000 60.000a) $150,000b) $100,000.c) $60,000.d) $220,000.SP+ TariffworldPworldD5. Refer to the figure above for a small open economy. With the tariff, the governmentcollects6. Refer to the figure above. With the tariff, the quantity of imports falls toa) 12,000 units.b) 30,000 units.c) 50,000 units.d) 42,000 units.7. Refer to the figure above. With free trade, the total value of imports would equala) $100,000.b) $300,000.c) $500,000d) $10

An economy can be characterised using a supply and demand diagram. The supply curve is an upward…

Answer question 5 to 7 below based upon the following diagram PA $25 $15 $10 a) $150,000 b) $100,000. c) $60,000. d) $220,000. 1 10,000 12.000 25.000 42.000 60.000 S c) 50,000 units. d) 42,000 units. P world+Tariff Pworld 5. Refer to the figure above for a small open economy. With the tariff, the government collects D 6. Refer to the figure above. With the tariff, the quantity of imports falls to a) 12,000 units. b) 30,000 units. 7. Refer to the figure above. With free trade, the total value of imports would equal a) $100,000. b) $300,000. c) $500,000 d) $10

Answer question 5 to 7 below based upon the following diagram PA $25 $15 $10 a) $150,000 b) $100,000. c) $60,000. d) $220,000. 1 10,000 12.000 25.000 42.000 60.000 S c) 50,000 units. d) 42,000 units. P world+Tariff Pworld 5. Refer to the figure above for a small open economy. With the tariff, the government collects D 6. Refer to the figure above. With the tariff, the quantity of imports falls to a) 12,000 units. b) 30,000 units. 7. Refer to the figure above. With free trade, the total value of imports would equal a) $100,000. b) $300,000. c) $500,000 d) $10

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter34: Globalization And Protectionism

Section: Chapter Questions

Problem 47CTQ: Why might the unsafe consumer products argument be a more effective strategy (from the perspective...

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Consider two neighboring island countries called Felicidad and Bellissima. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor. Jeans Corn Country (Pairs per hour of labor) (Bushels per hour of labor) Felicidad 4 16 Bellissima 12 Initially, suppose Bellissima uses 1 million hours of labor per week to produce jeans and 3 million hours per week to produce corn, while Felicidad uses 3 million hours of labor per week to produce jeans and 1 million hours per week to produce corn. Consequently, Felicidad produces 12 million pairs of jeans and 16 million bushels of corn, and Bellissima produces 6 million pairs of jeans and 36 million bushels of corn. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and corn it…