The above figure shows the U.S. market for 1 carat diamonds. With free trade, U.S. production of diamonds is equal to ________ diamonds. When the quota illustrated in the figure is in place, U.S. production is equal to ________ diamonds
A) 300,000; 100,000
B) 100,000; 500,000
C) 300,000; 500,000
D) 100,000; 300,000
E) 900,000; 700,000
D
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In the current year, the CPI is 160 and during the previous year the CPI was 181. The inflation rate between these years is
A) 11.6 percent. B) -13.1 percent C) -013.1 percent. D) -11.6 percent. E) 13.1 percent.
Grape juice prices increased by 20 percent in 2007. Suppose in response grape growers did not increase or decrease their grape production. The elasticity of supply is best described as
A) perfectly inelastic. B) perfectly elastic. C) inelastic. D) elastic.
Equilibrium GDP can be depicted graphically as that point where the _________ and _________ cross.
Fill in the blank(s) with the appropriate word(s).
A main trading partner with the U.S. is:
A. South Africa. B. China. C. Saudi Arabia. D. Norway.