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3. Define Fair Trade.?
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- 13 C Question 4 of 10 A farmer has developed a new type of fertilizer. This new fertilizer costs 20¹ percent more to produce than the old fertilizer but has better results: The same land now produces 25 percent more crops each year. Which statement best describes one way the farm will be affected by using this new fertilizer? OA. The farm's marginal benefits for each piece of land will increase. B. The farm's opportunity cost for each piece of land will decrease. C. The farm's opportunity cost for each piece of land will increase. OD. The farm's marginal benefits for each piece of land will decrease. SUBMIT PREVIOUS 101 O. E A f10 f11What is the value of the maximum gains from trade? Hint: enter your answer without a $ sign Example: if the answer is $5000, enter 5000 P $750- 600- 450- 375- 300- 225- 150- 75- 12 24 FIRE PITS 36 42 48 D 60 S 84 Qa. Consider the following statement: "The market system is a profit-and-loss system." This statement is O false, because the market system does much more than provide profits and losses. O true, because consumers purchase only what they want, producers will earn profits. O true, because producer decisions are motivated by the attempt to earn profits. O false, because consumers purchase only what they want, producers will earn profits.
- The price in a competitive market, without any inefficiencies, maximizes the gains from trade, because ____. A. No other single price can provide as much surplus to producers.B. No other single price can provide as much surplus to consumers.C. No other single price can allow as many quantities to be exchanged.D. Only A & B.Even before the pandemic, bicycle supply chains were strained. Why was this? Check all that apply. Falling barriers increase the bargaining power of business firms by decreasing the incomes of consumers. Many bikes are made in China, and former President Trump's high tariff rate forced manufacturers to find alternate production locations. O Making bikes is still an artisanal process, so craft bike makers could not keep up with the demand. Americans prefer to drive gas trucks rather than bike.5. Darnell owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more, Here is the cost he incurs to produce each bottle of water: Cost of first bottle: $1 Cost of second bottle: $4 Cost of third bottle: $7 Cost of fourth bottle: $9 From this information, complete the following table by denving Darne/'s supply schedule. Price Quantity Supplied More than $9 $7 to $9 $4 to $7 $1 to $4 $1 or less
- 7. What would happen to world welfare if the United States paid exporters a subsidy of $5 for every pair of blue jeans they sold to Canada, but Canada charged a $5 countervailing duty on every pair imported into Canada? Would the United States gain from the combi- nation of the export subsidy and import tariff? Would Canada? Explain. (In your answer, assume that the blue jeans market is perfectly competitive.) 8. Consider the caseSociety's Production-Possibilities Frontier Quantity of Guns 987 65 4 3 2 1 0 D B C A 0 20 40 60 80 100 120 Quantity of Butter In the graph above, which point represents an inefficient combination of guns and butter? O a. B O b. C C. A d. D130 120 110 100 90 80 70 Supply Quantity 1 2 3 4 5 6 7 8 9 10 The graphic above shows a supply curve for 'widgets'. Assuming there are no fixed costs involved in making a widget, it costs dollars to make (collectively) the widgets 3-7.
- Markets are said to generate a benefit to society in the form of "gains from trade." These gains from trade can be calculated in the form of ___ A. the total surplus.B. the bargaining agreement.C. the producer surplus.D. the consumer surplus.Figure 3-19 Price Refer to Figure 3-19. The total gains from trade, representing both producer and consumer surplus combined, is shown by the area O ABC O ACD BCE Quantity DCEThe figure provided shows the market for calculators. Price of calculators 5454 40 30 20 10 5 world price with tariff 1 50 100 200 300 400 500 600 700 800 900 Quantity of calculators Consumer surplus at the world price, $5, is: $125. $900. $16,000. $4,000. world price D Next
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