Refer to Figure 9.8. A $50 tariff would result in domestic consumption of
A) 600, domestic production of 100, and imports of 500.
B) 500, domestic production of 200, and imports of 300.
C) 400, domestic production of 300, and imports of 100.
D) 300, domestic production of 400, and exports of 100.
E) 200, domestic production of 500, and exports of 300.
C
You might also like to view...
Teenage workforce participation as a percentage of the total workforce has fallen in the United States in recent years.
Answer the following statement true (T) or false (F)
When a nation starts importing a good or service, the domestic production of the good or service
A) decreases. B) stays the same. C) increases. D) might change, but more information about what the country exports is needed to determine if production increases, decreases, or does not change. E) might change, but more information about what else the country imports is needed to determine if production increases, decreases, or does not change.
Andrew has the utility of wealth curve shown in the above figure. He owns an SUV worth $30,000 and that is his only wealth. There is a 10 percent chance that he will have an accident within a year. If he does have an accident, his SUV is worthless
Suppose all SUV owners are like Andrew. An insurance company agrees to pay each person who has an accident the full value of his/her SUV. The company's operating expenses are $1,500. What is the minimum insurance premium that the company is willing to accept? A) $1,500 per year B) $4,500 per year C) $3,000 per year D) $6,000 per year
The above figure shows the market demand curve for telecommunication while driving one's car (time spent on the car phone). The current price is 35ยข per minute. What is the consumer surplus at the current price?
A) 924.5 B) 1075 C) 301 D) 1250