The above figure shows the market for rice in Japan. S2 represents the domestic supply curve, and S1 represents the world supply curve. Suppose a free market exists

If a $1 per unit tariff is imposed on imported rice, the quantity of imported rice will decrease by A) 10 units.
B) 20 units.
C) 30 units.
D) 40 units.


B

Economics

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A natural monopoly

A) faces more competition after regulation. B) might exaggerate its costs if it is regulated using rate of return regulation. C) might falsely minimize its costs if it is regulated using rate of return regulation. D) might falsely minimize its costs if it is regulated using a marginal cost pricing rule. E) is allowed to maximize its profit under a marginal cost pricing rule.

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As income rises, the share of income spent on food in the United States

A) falls. B) remains constant at 15 percent. C) remains constant at 33 percent. D) rises.

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Since its inception in 1913, there have been many revisions to the income tax code.

A. True B. False C. Uncertain

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Because of scarcity,

A.) choices must be made. B.) there are not enough goods and services to satisfy everyone. C.) there are plenty of goods to go around. D.) Both A and B are true.

Economics