Quiz4M - a A b B c C d D 3 Import quotas and tariffs have...

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ECO 201 Quiz # 4 Dr. Antonio Saravia Figure 9-1 1. Refer to Figure 9-1. If this country chooses to trade, the price of baskets in this country would be a. $10 and 40 would be sold domestically. b. $10 and 105 would be sold domestically. c. $7 and 70 would be sold domestically. d. $7 and 40 would be sold domestically. Figure 9-10 2. Refer to Figure 9-10. The change in total surplus in this market because of trade is
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Unformatted text preview: a. A. b. B. c. C d. D 3. Import quotas and tariffs have each of the following in common EXCEPT a. total surplus falls. b. deadweight losses occur. c. producer surplus increases. d. revenue to government is raised. Quiz4 Answer Section MULTIPLE CHOICE 1. ANS: A DIF: 3 REF: SECTION: 1 OBJ: TYPE: M 2. ANS: D DIF: 2 REF: SECTION: 2 OBJ: TYPE: M 3. ANS: D DIF: 2 REF: SECTION: 2 OBJ: TYPE: M...
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