The figure below shows the domestic demand (Dd) and domestic supply (Sd) curves of mopeds in a country before an import quota is imposed by the government. After the imposition of the quota, the maximum import quantity is QQ.
After the quota is imposed by the government, the domestic producers
A. gain $27.5 million.
B. gain $42.5 million.
C. lose $2.5 million.
D. lose $45 million.
Answer: A
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If a nation does not have an absolute advantage in producing anything, it a. can have no comparative advantage either
b. will have a comparative advantage in the activity in which its disadvantage is the least. c. will benefit if it refuses to trade. d. will export raw materials and import finished products.
The president of the United States can obtain a court injunction that will stop a strike for an 80-day "cooling-off"period if the strike is expected to imperil national safety or health. This power is granted in the
A) Wagner Act. B) Landrum-Griffin Act. C) National Industrial Recovery Act. D) Taft-Hartley Act.
According to the text, the highest 20 percent of U.S. income households earn about what percentage of total income today?
A. 50 percent B. 10 percent C. 25 percent D. 95 percent
Refer to the data. U.S. imports are:
A. $26.
B. $16.
C. $24.
D. $14.