midterm2_f2015A_answers.pdf - Section_Student Name ECON 3...

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Section ___________________Student Name __________________________________ 1 ECON 3 FALL 2015A SECOND MIDTERM EXAMINATION ANSWERS There are 25 True/False questions worth 2 points each, 3 short answer questions worth 50 points, for a total of 100 points. Budget your time in each section accordingly. For the short answer section, feel free to comment and explain answers in bullet points rather than in well-crafted essays. (i.e. I’m more interested in the substance and content of your answer than in the style you present it.) Please write legibly. True/False: Use computer scantron. Fill “A” for True. “B” for False (2 pts each): Questions 1 ~ 8: Suppose Germany, a small importing country, imposes a quota on tuna imports. All other countries in the world are engaged in free trade in tuna before and after the quota. 1. The German consumers pay a higher price for tuna. True. 2. The German producers receive a higher price for tuna. True. 3. The world price of tuna increases. False. 4. The German production of tuna increases. True. 5. Germany becomes better off because the quota expands its domestic production of tuna. False. 6. The German quota makes Jamaica, a small country that imports tuna, worse off. False. 7. The German quota makes Vietnam, a tuna exporting country, worse off. False. 8. Vietnamese tuna consumers oppose the quota in Germany. False.
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Section ___________________Student Name __________________________________ 2 Questions 9 ~ 17: Suppose India, a large importing country, eliminates their tariff on toys. All other countries in the world are engaged in free trade in toys before and after the tariff removal in India.
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