McConnell Topic Trade Barriers and Export Subsidies 104 Refer to

Mcconnell topic trade barriers and export subsidies

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McConnell - Chapter 20 #103Topic: Trade Barriers and Export Subsidies
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104.Refer to the above table for a certain product market in Econland. If the world price of the product were $6 and an import quota of 400 units were imposed on the product, then the equilibrium price in Econland would be: AACSB: AnalyticalBlooms: Level 3 ApplyDifficulty: 3 HardLearning Objective: 20-04 Analyze the economic effects of tariffs and quotas.McConnell - Chapter 20 #104Topic: Trade Barriers and Export Subsidies 105.Refer to the above table for a certain product market in Econland. Assume that the world price of the product is $6. What would be the difference in the total revenue received by foreign producers after a quota of 400 units is imposed, compared against the total revenue received by foreign producers when a $1 per unit tariff is paid? AACSB: AnalyticalBlooms: Level 3 ApplyDifficulty: 3 HardLearning Objective: 20-04 Analyze the economic effects of tariffs and quotas.McConnell - Chapter 20 #105Topic: Trade Barriers and Export Subsidies 106.The basic difference in the economic effects of a tariff compared with a quota is that a: AACSB: ReflectiveBlooms: Level 2 UnderstandDifficulty: 2 MediumLearning Objective: 20-04 Analyze the economic effects of tariffs and quotas.McConnell - Chapter 20 #106Topic: Trade Barriers and Export SubsidiesMcConnell - Chapter 20 107.Refer to the above graph, where Sdand Ddare the domestic supply and demand curves for a product. The world price of the product is $6. If this market were closed to international trade, the total revenue that would go to domestic producers would be: A. $600, but only $240 if the domestic market were open to international tradeB.$600, but only $120 if the domestic market were open to international tradeC. $500, but only $240 if the domestic market were open to international tradeD. $240, but only $120 if the domestic market were open to international tradeAACSB: AnalyticalBlooms: Level 3 ApplyDifficulty: 2 Medium Learning Objective: 20-04 Analyze the economic effects of tariffs and quotas. McConnell - Chapter 20 #107 Topic: Trade Barriers and Export Subsidies
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