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201

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Economics

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Nov 24, 2024

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Suppose the Chinese government imposed a tax of $1 per bushel on grain exports. The following graph depicts the market for grain in China. Use this graph to answer the following questions. (Note: You will not be graded on any changes made on this graph.) ® Price of Grain (Dollars per bushel) L5 0 -~ ‘ . . + . ‘ + . . 0 1 2 3 4 5 [ 7 8 9 10 Quantity of Grain (Millions of bushels) When China opens up to trade, the domestic price of grain will rise v to \/ . An export tax of $1 per bushel will then lower V the domestic price of grain to . Points: IS 1/ 1 Compare each of the market conditions before and after the export tax of $1 per bushel in the following table. (Note: Assume China is open to trade in both scenarios.) Before Export Tax After Export Tax (Millions of dollars) (Millions of dollars) Domestic Consumer Surplus X Domestic Producer Surplus Government Revenue |I]\/ Total Chinese Welfare * X X X X Points: B 0.13/1
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