Figure 9-12 Price 84 78 Domestic Supply 72 66 60 54 World Price 48- 42 36 + 30 + 24+ 18+ 12+ 6- Domestic Demand 400 800 1200 1600 2000 2400 2800 Quantity Refer to Figure 9-12. Producer surplus after trade is O a. $35,200. O b. $30,000. O c. $38,400. O d. $28,000. Click Save and Submit to save and submit. Click Save All Answers to save all ansu

Figure 9-12 Price 84 78 Domestic Supply 72 66 60 54 World Price 48- 42 36 + 30 + 24+ 18+ 12+ 6- Domestic Demand 400 800 1200 1600 2000 2400 2800 Quantity Refer to Figure 9-12. Producer surplus after trade is O a. $35,200. O b. $30,000. O c. $38,400. O d. $28,000. Click Save and Submit to save and submit. Click Save All Answers to save all ansu

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Chapter 10: In the small open economy of Gatorland, the domestic demand for widgets is given by P=100-3Q; the home supply of widget is given by P = Q. The world price is $40. Now let the government of Gatorland give a $15 per unit subsidy on each widget exported. What is the value of total subsidy payments to Gatorland's widget exporters? O $825 O $600 O $125 O $225
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
A5
Country A is a large Importer of good 1. If country A imposes a sighifficant import tariff on good O a there will be no deadweight loss in country A. Ob country As welfare in this market will increase for sure. O c country A's welfare in this market will decrease for sure. O d. country As welfare in this market will stay the same for sure. Oe None of the above.
Domestic Supply $10 $8 AIB D E $6 World P Domestic D 20 30 35 40 50 Q (millions of towels) Consider the economy depicted in the graph and assume there is international trade. If the government imposed a tariff of $2, what will its total revenue be? O D+G O E+F O None of the above O A+B
5. Both foreign (Sf) and domestic steel (Sd) producers supply the US market (Sdtf is the combined supply curve). US Steel Market without Tariff US Steel Market with Tariff 10 O 10 20 30 40 s0 60 70 80 90 100 Quanity in millions of tons per year D 10 20 30 40 50 60 70 80 90 100 Quantity in millions of tons per Year 0 d st Sdet D -Sd St -Sdef a. After the imposition of the tariff, what is the approximate price of steel? Answer: b. How much of the $200 per ton tariff is paid by domestic consumers of steel? Answer: C. How is the quantity of steel consumed in the US affected? Answer: d. Who benefits and who is harmed by the tariff? Answer. asn soot u uo ad aous Price per Ton in 100s US0
Price of Baskets $14 10 7 1 0 $210 $245 $420 40 $455 70 105 Domestic Supply Refer to Figure 9-1. Without trade, what would consumer surplus be? World Price Domestic Demand Quantity of Baskets
3. Using the graph to the right, suppose the country opens up to international trade, the world price is $40, and the government institutes a $10 tariff on each unit imported. What is the quantity demanded, quantity produced domestically, quantity imported from abroad, consumer surplus, producer surplus, tariff revenue, and deadweight loss? Price 0 10 20 30 40 50 60 70 80 90 100 0 50 Comestic Supply Domestic Demand 100 150 200 250 300 350 400 450 Quantity 500
Suppose the U.S. imposes a trade embargo onNorth Korea in order to exert political pressureon the government. Consider how the embargowill affect U.S. producers. Under what conditionswould they support the embargo? Why mightthey oppose it?
Consider the market below for a large country. Focus on the equilibrium when the country imposes a tariff. How large is the tariff? Price $25 $20 $15 10 20 30 40 Quantity Select one: O a. $20 O b. $25 O c. $10 O d. $15
Figure 9-20 The figure illustrates the market for rice in Vietnam. 16 10 8 4 Price 1,500 2,000 3,000 Domestic supply World Price Domestic demand Quantity Refer to Figure 9-20. In the absence of trade, total surplus in the Vietnamese rice market amounts to 9,250. O 10,000. 12,000. 13,000.