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econ353-2009fall-ps4 - METU/FEAS Econ 353 Hakan Ercan Tuna...

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METU/FEAS 24.11.09 Econ 353 Hakan Ercan Tuna GONULDAS Gorkem KARABAYIR PROBLEM SET 4 PART A: MULTIPLE CHOICE QUESTIONS Answer the following two questions according to the figure given below: 1) Which of the following would not cause a shift of B's offer curve from OC B to OC' B ? a) the imposition of an import tariff levels by Country B. b) an increase in the country's income. c) a decreased demand for imported products d) All of the above would cause such a shift. 2) Which of the following could cause a shift of A's offer curve from OC A to OC' A ? 3) If Country I becomes less interested in international trade while Country II simultaneously becomes more interested, we would expect (assuming both countries are operating on the elastic portions of their offer curves) 1
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Use the following diagram to answer questions 4-5-6.
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