Supply Demand QUANTITY OF DOLLARS Refer to the figure above. When American travelers spend money overseas, that is part of U.S. imports. When foreigners come to the U.S. and spend money, that is part of U.S. exports. If after the pandemic there is a permanent reduction in overseas travel by U.S. residents but foreign travel to the U.S. comes back, which curve in the figure would shift and in which direction? The demand curve in graph (a) would shift to the right. The supply curve in graph (c) would shift to the right. The demand curve in graph (c) would shift to the right. REAL EXCHANGE RATE

Supply Demand QUANTITY OF DOLLARS Refer to the figure above. When American travelers spend money overseas, that is part of U.S. imports. When foreigners come to the U.S. and spend money, that is part of U.S. exports. If after the pandemic there is a permanent reduction in overseas travel by U.S. residents but foreign travel to the U.S. comes back, which curve in the figure would shift and in which direction? The demand curve in graph (a) would shift to the right. The supply curve in graph (c) would shift to the right. The demand curve in graph (c) would shift to the right. REAL EXCHANGE RATE

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In the country of Alpha, -shirts are sold domestically in a competitive market, the equilibrium price is $10, and the equilibrium quantity is 100. (a) Draw a correctly labeled demand and supply graph for the domestic -shirt market in Alpha. Plot the numbers on the graph. (b) Assume the world price of -shirts is $6, and Alpha engages in international trade.(i) Will Alpha be an exporter or importer of -shirts? Explain.(ii) On your graph in part (a), indicate the domestic quantity demanded of -shirts at the world price and label it . (iii) On your graph in part (a), indicate the change in the consumer surplus, shaded completely. (c) Suppose the government of Alpha imposes a tariff of $2 on -shirts. On your graph in part (a), indicate the new domestic quantity supplied of -shirts as a result of the tariff and label it .
1. Using a fully labelled diagram explain what happens when a tariff is added to foreign imports. The importing country is a small country. 2. Using the information below, determine which country (Home or Foreign) exports good X, how much it exports, and at what price. You are required to use the export supply and import demand functions to arrive at your answer. Home: Q 40- 10P, Foreign: Q=50 - 10P, Q = 20 + 10P Q=10+10P 3. Using the information in the previous question, find equations for the total world demand and total world supply of good X. Solve for equilibrium world price and quantity.
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