Refer to the graph shown.
As a result of a tariff T imposed on speedboats, the price that foreign suppliers will receive probably will be:
A. P1.
B. P2.
C. P3.
D. P4.
Answer: A
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Refer to the figure above. What is the loss in the market-wide consumer surplus when the price of wine changes from $9 to $18?
A) $144,000 B) $30,000 C) $57,000 D) $0
All of the following take place in the direct finance market except
A) ownership in corporations is sold in the form of common stock. B) ownership in corporations is sold in the form of preferred stock. C) corporate bonds are sold to savers. D) deposits from savers are accumulated and loans made to borrowers.
A tax is sometimes used by government to correct the problems associated with
A) negative externalities. B) positive externalities. C) internal benefits. D) external benefits.
Mutually beneficial trade will occur between two countries for all of the following reasons except one. Which is the exception?
a. The opportunity costs of producing two goods differs between the two trading partners. b. One country is more productive than the other. c. One country is more efficient than the other. d. One country has an absolute advantage over the other. e. Each country has a comparative advantage in producing some good.