2015IP1036.9121518 2124 Q15. If the free trade price is IP and this country imposes an import quota of 6 units, what will be the resulting efficiency loss?(a) $3(b) $9O (c) $13.5(d) $40.5(e) $18255 252015P*10IP53 6121518212414. f the free trade price is IP, what is the net gain from trade to this importing economy?C (a) $3O (b) $13.5O (c) $27O (d) $36C (e) $40.5

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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 22 P COUNTRY 1 25 20 15 10 5 d1 Q 0 0 3 6 9 1215182124 s1 IP INTERNATIONAL MARKET 25 20- 15 10- LO P 5 S2 P 0 0 3 6 9 1215182124Q 25 20- S1 15 IP 10 D2 5 D1 0 COUNTRY 2 ⠀⠀ 22. What is the net welfare gain from trade to the economy of country 1? (hint: the formula for calculating the area of a triangle is 1/2 times the base times the height) a) 3 b) 6 c) 9 d) 13.5 e) 18 s2 IP d2 0 3 6 9 1215182124Q
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QUESTION 8 25 20 15 10 LO 5 P COUNTRY 1 A+ 11 s1 |⠀⠀⠀ SP -IP d1Q 0 0 3 6 9 1215182124 INTERNATIONAL MARKET P 25 20 15 10 5 0 0 3 6 9 12 15182124 08. Under open trade, who will gain and who will lose in country 1? a) consumers gain and producers lose. b) producers gain and consumers lose. c) both producers and consumers lose. d) the poor lose and the rich gain. DE S2 ⠀⠀ FIP D2 25 20 S1 15 10 5 d2 0 0 3 6 9 1215182124 Q D1 Q P COUNTRY 2 s2 IP
5. What will be the quantity demanded by country 1 from the rest of the world at a price of 2? (a) 6 (b) 9 (c) 12 (d) 18
The following are data on U.S. exports and imports in 2012 at the two-digit Harmonized Tariff Schedule (HTS) level. Which products do you think support the Heckscher-Ohlin theorem? Which products are inconsistent?
Antonio and Caroline are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Antonio 40 8 Caroline 28 7 ___________has an absolute advantage in the production of alfalfa, and __________ has an absolute advantage in the production of barley. Antonio's opportunity cost of producing 1 bushel of barley is ____ bushels of alfalfa, whereas Caroline's opportunity cost of producing 1 bushel of barley is______ bushels of alfalfa. Because Antonio has a ______ opportunity cost of producing barley than Caroline,________ has a comparative advantage in the production of barley and_______ has a comparative advantage in the production of alfalfa.
possible Submit c The figure on the right shows the costs and benefits associated with wood pulp production. Without regulation the market will produce a price of Price (dollars per ton) tons of wood pulp at per ton. 1,100 MSC O A. 5; $700 1,000 O B. 3; $600 900 O C. 5; $1,100 800 O D. 3; $900 S=MC O E. 4; $900 700 600 D=MB 500 2 4. 4 Quantity (tons per week) Next
7. Lobbying for or against trade restrictions Trade restrictions affect the overall welfare of an economy, sin'ce they change the price consumers pay for a good and the quantity produced and consumed domestically. Trade restrictions, such as quotas, usually benefit domestic ▼ and hurt domestic since they the domestic price of a good. True or False: Producers find it difficult to exert the political influence needed to establish trade restrictions, because the benefits to producers are very small and widely dispersed, which makes it difficult for producers to organize. O False O True
8. What is the welfare loss to producers (decrease in producer's surplus) resulting from trade in country 2? (a) $3 (b) $27 (c) $31.5 (d) $40.5 (e) $45
Refer to the figure below. Producer surplus is: 18 16 14 12 10 8 642 O $420 O $60 O $180 O 120 O $12 S₁ D₁ 5 10 15 20 25 30 35 40 45
00 P 34 30 22 18 1 Multiple Choice O O O 9; $30 6; $34 The graph shown demonstrates a tax on buyers. After the tax is in place, buyers purchase units, and the post-tax price paid for each one is 6; $22 E2 9; $18 6 E₁ 9 S -D1 D2 SEGAT

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25 15 10 IP D 3 12 15 18 21 24 Q 14. f the free trade price is IP, what is the net gain from trade to this importing economy? (a) $3 (b) $13.5 (c) $27 O (d) $36 C (e) $40.5 CO 20 LO