The following diagram is for the lamp market in a small country. Under free trade, the world price of lamp is $13/1lamp. Under importtariff $2/lamp, the domestic price of lamp in the small country is $15/lamp.PriceSupplyS15S13DemandQuantity10.000 12.00032,00050,000Refer to the figure above. Domestic producer surplus would increase bybecause of the tariff.Select one:Oa. $55,000O b. S5,000OC $22.000Od. $10,000

Imposition of tariff increases domestic price of the good, thus producer surplus increases.

The following diagram is for the lamp market in a small country. Under free trade, the world price of lamp is $13/lamp. Under import tariff $2/lamp, the domestic price of lamp in the small country is $15/lamp. Price Supply S15 $13 Demand Quantity 10.000 12000 32,000 50,000 Refer to the figure above. Domestic producer surplus would increase by because of the tariff. Select one: Oa $55,000 Ob.S5,000 Oc S22.000 Od $10,000

The following diagram is for the lamp market in a small country. Under free trade, the world price of lamp is $13/lamp. Under import tariff $2/lamp, the domestic price of lamp in the small country is $15/lamp. Price Supply S15 $13 Demand Quantity 10.000 12000 32,000 50,000 Refer to the figure above. Domestic producer surplus would increase by because of the tariff. Select one: Oa $55,000 Ob.S5,000 Oc S22.000 Od $10,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Price of Rice $/ton €140 €120 €100 с a b rise by 40 units. 80 120 160 200 240 300 Quantity of Rice rise by 40 units. e The graph above reflects the market for rice in Spain. If the world price is 100euros and the government imposes a 20% tax on imports the amount of imports will S drop by 40 units. drop by 80 units.
In the domestic market with no trade, the equilibrium price is _____ and the quantity traded is ____ units a. $90, 1,150 b. $60, 650 c. $60, 1,150 d. $40, 1,800
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Refer to the graph below of a large country that has imposed a tarifft on this good. The terms-of-trade gain for this country is , and the deadweight loss suffered by this country is Price $36 $30 $26 Home market S D 20 40 80 100 Quantity Price World market 40 80 Imports
Figure: Tariffs Price $90 88 150 O $90; 1,150 O $60; 650 O $60, 1,150 O $40; 1,800 Domestic spply World supply tarif 1150 1550 1800 In the domestic market with international trade and no tariffs, the price is Domenic demand Quantity and the quantity purchased in the United States is units.
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
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Which Americans benefit from the tariff? Why? Describe why the imposition of a tariff creates a deadweight loss.
140 PRICE (Dollars per unit of coffee) ४ 10 110 8 A B C D Domestic Supply World Price Domestic Demand 18 30 BUANTITY (Units of coffee) Refer to Figure 9-1. When trade in coffee is allowed, consumer surplus in Guatemala O increases by the area B + D. O increases by the area C + F. O decreases by the area D + G. decreases by the area B + D.
A4
B3
2