60 HI T R S4 w/ The following diagram shows the domestic demand and domestic supply for a market. Assume that the world price in this market is $120 per unit. Price 170 150 Supply 130 120 110 06 08 09 OS 30. Demand 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Quantity Refer to the above figure. WVith free trade, the domestic price and domestic quantity demanded are O $90 and 5. O $90 and 10. O $120 and 5. O $120 and 18. MacBook Pro 2 L 1. 5. 9. 081 K

60 HI T R S4 w/ The following diagram shows the domestic demand and domestic supply for a market. Assume that the world price in this market is $120 per unit. Price 170 150 Supply 130 120 110 06 08 09 OS 30. Demand 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Quantity Refer to the above figure. WVith free trade, the domestic price and domestic quantity demanded are O $90 and 5. O $90 and 10. O $120 and 5. O $120 and 18. MacBook Pro 2 L 1. 5. 9. 081 K

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 10 Please examine the following set of panels. In this model, there are only two nations - Home and ROW - and each can only produce one item - autos. Assume that transportation costs are zero and that these nations have allowed free trade. As autos are imported from one country to another, which of the following can we most reasonable expect to see in the nations illustrated in this model? International Market for Autos Price $12 511 $10 S SA SP Sef 55 54 si S 51 Home Market for Autos 1 2 3 4 3 6 7 Quantity D 9 10 S $11 $10 50 57 50 55 54 53 $2 1 2 3 4 5 Om 679 10 Quantity O Producer surplus in the Home nation will increase because of free trade. O Consumer surplus in the Home nation will increase because of free trade. O Consumer surplus in the ROW nation will increase because of free trade. O Deadweight loss will occur in the ROW nation 2 $12 $11 $10 55 Sa $7 Se 55 54 S $2 $1 Row Market for Autos 1234 6 79 10 Quantity
38 36 34 32 30 28 26 24 22 0 1864120 20 Price 64 C Domestic Supply Refer to Figure 9-5. With trade, consumer surplus is World price Domestic Demand 40 80 120 160 200 240 280 320 360 400 440 480 520 560 600 Quantity I
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23. When one country joins a free trade area with a common external tariff, it causes: O a. Trade agreement Ob. Trade creation Oc Trade diversion O d. Trade union
Figure: World Imports Domeste dend The imposition of a $20 tariff would generate a valur of lost gains from trade of O S45. O S0. O S70 091S O
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6. The arguments for restricting trade Suppose there is a policy debate regarding the United States' Imposing trade restrictions on Imported semiconductors. Read the following scenario and answer the question that follows. A senator from a state with several semiconductor factories argues that the United States should threaten to impose a tariff on Chinese semiconductors in order to induce the Chinese to remove its tariff on American cars. Which of the following justifications is the senator using to argue for the trade restriction on semiconductors? O Jobs argument O National-security argument O Unfair-competition argument O Using-protection-as-a-bargaining-chip argument O Infant-industry argument
The graph below shows the domestic supply and demand and the world price for an exporting country. Price of $100 shoes in 90 U.S. dollars C B D + B 80 D D Pworld 60 50 40 30 20 10 B A K O 1 Exporting country supply and demand graph 2 3 Schoos Exports = 2.5 million Identify the area on the graph that represents the consumer surplus for domestic consumers if the country exports its product. Dshoes 4 5 Millions of pairs of shoos
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Refer to the below graph, where Sa and Da are the domestic supply and demand for a product. $16 14 12 Price 10 8 6 4. 2 0 1 export. neither both 1 import IS 1 1 T T 1 13 1 1 1 20 40 60 80 100 120 140 160 180 Quantity What will this nation do if it were open to international trade and the world price was $8? 1 Sd Da
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