The government foreign suppliers domestic consumers

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the government foreign suppliers domestic consumers domestic producers Score: 1 of 1 18. We can measure producer and consumer gains by looking at a graph of supply and demand. Total welfare in the economy would be: the area below the demand curve but greater than the equilibrium price. the combined triangular area below the demand curve and above the supply curve. the area above the supply curve but below the equilibrium price. the area below the demand curve all the way down to the quantity axis. Score: 0 of 1 19. A customs union is different from a free-trade area, in that: a free-trade area removes trade barriers between member countries, whereas a customs union adopts identical tariffs with the rest of the world. a customs union removes trade barriers between member countries, whereas a free-trade area adopts identical tariffs with the rest of the world. a free-trade area allows for uniform tariffs, whereas a customs union does not. a free-trade area allows for free movement of factors, whereas a customs union does not. Score: 1 of 1 20. Suppose that the United States is a large country and it wishes to impose optimal tariffs on its imports of avocados, bananas, and cherries. The export supply elasticities of avocados, bananas, and cherries are 1, 2, and 3, respectively. Which of the following ranks the products on the basis of their optimal tariffs from lowest to highest tariff?
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bananas, avocados, cherries avocados, bananas, cherries avocados, cherries, bananas cherries, bananas, avocados Score: 1 of 1 21. How does a tariff imposed by a large country differ from a tariff imposed by a small country? Score: 1 of 1
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