2500 incorrect 10000 incorrect 7500 incorrect 5000

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$2,500 Incorrect $10,000 Incorrect $7,500 Incorrect $5,000 (True Answer )Correct 1123 Figure: Foreign Trade Reference: Ref 9-3 (Figure: Foreign Trade) Refer to the figure. What is the dollar value of the producer surplus gained as a result of prohibiting trade in this market?$15,000 Incorrect $30,000 Incorrect $12,500 Incorrect $22,500 (True Answer )Correct 1124 Figure: Foreign Trade
Reference: Ref 9-3 (Figure: Foreign Trade) Refer to the figure. What is the dollar value of the consumer surplus that consumers could gain if the trade restriction were removed?
1125 Figure: Foreign Trade Market Reference: Ref 9-4 (Figure: Foreign Trade Market) Refer to the figure. What is the dollar value of wasted resources as a result of prohibiting trade in this market?$10,000 Incorrect $4,000 Incorrect $7,500 Incorrect $6,000 (True Answer )Correct 1126 Figure: Foreign Trade Market
Reference: Ref 9-4 (Figure: Foreign Trade Market) Refer to the figure. What is the dollar value of the deadweight loss created by the loss of foreign trade?
1127 Figure: Foreign Trade Market Reference: Ref 9-4 (Figure: Foreign Trade Market) Refer to the figure. What is the dollar value of the lost consumer surplus as a result of prohibiting trade in this market?
If quotas on sugar were eliminated in the United States, domestic production of sugar would fall. Why is this a benefit in economic terms for the United States? I. because it frees up resources that could be used more
efficiently elsewhere II. because it allows foreign producers of sugar to earn income and thus those countries are better off III. U.S. consumers are able to enjoy increased consumer surplus because of the lower prices of imported sugar. I and II only Incorrect I and III only (True Answer )Correct II and III only Incorrect I, II, and III Incorrect 1129 Which, if any, of the following conditions for efficient market functioning do tariffs and quotas violate? I. demanders with the highest willingness to pay purchase the supply of goods II. producers with the lowest costs produce and sell the supply of goods III. the sum of consumer and producer surplus is maximized I only Incorrect II and III only (True Answer )Correct I, II, and III Incorrect III only Incorrect 1130

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