In March 2002 President George W Bush placed a tariff on imported steel

In march 2002 president george w bush placed a tariff

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18. In March 2002, President George W. Bush placed a tariff on imported steel. Assuming the domesticdemand for steel held constant, did this tariff affect the domestic market for steel in the short run? Choose the best answer. 1) If domestic supply was inelastic, the quantity of domestic steel produced increased by more than price of steel.2) If domestic supply was elastic, the price of steel increased by more than the quantity of domestic steel produced.3) If domestic supply was unit elastic, there was no change in price or quantity after the tariff was put in place.4) If domestic supply was elastic, the quantity of domestic steel produced increased by more than priceof steel. 20. According to Adam Smith and other economists, the minimization of total costs in a competitive industry Figure: International Trade 1 21. (Figure: International Trade 1) According to the figure, which of the following statements is TRUE? 22. (Figure: International Trade 1) With international trade in this figure, domestic consumption is ______ units, and ______ of those units are imported. 1
23. (Figure: Dishwashing Detergent) Dishwashing detergent contains phosphates that harm marine life.According to this figure, which of the following statements is TRUE? 1) The social cost of the 9unit is $15 while the value to consumers is $9, creating a deadweight loss equal to $6 for that unit.2) The social cost of the 9thunit is $9 while the value to consumers is $9, eliminating the gains from trade.3) The maximum willingness to pay for the 12thunit equals $18, or the private cost plus the social cost.4) The maximum willingness to pay for the 6thunit equals the private cost.

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