Question # 00052868
Posted By: solutionshere
Updated on: 03/08/2015 02:19 PM Due on: 03/08/2015
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Question 1 of 18
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2.0 Points
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A
tariff is
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A. a
tax imposed on imports.
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B.
any non-subsidy used to increase trade.
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C.
any non-tax action used to restrict trade.
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D. a subsidy granted to imports.
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Question 2 of 18
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2.0 Points
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After a
tariff is imposed on a good, the price of the good
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A.
falls.
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B.
rises only if the domestic demand for the good does not change.
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C.
rises.
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D. does not change.
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Question 3 of 18
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3.0 Points
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The above
figure shows the U.S. market for replacement cell phone batteries. When
there is no international trade, the equilibrium price is ________ per battery
and when there is international trade the equilibrium price is ________ per
battery.
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A. $14; $10
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B. $16; $12
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C. $12; $16
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D. $16; $14
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Question 4 of 18
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3.0 Points
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The above
figure shows the U.S. market for replacement cell phone batteries. With
free trade, the United States imports ________ batteries and once the tariff
illustrated in the figure is imposed, the United States imports______
batteries.
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A.
900,000; 100,000
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B.
900,000; 700,000
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C.
800,000; 400,000
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D. 700,000; 300,000
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Question 5 of 18
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3.0 Points
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The table above gives the domestic demand and supply schedules for a
good. Suppose the world price of the good is $40 and the government imposes a
$20 per unit tariff. How much will the government collect as tariff revenue?
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A. $240
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B. $320
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C. $360
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D. $80
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Question 6 of 18
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3.0 Points
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Referring to Figure, under free-trade the U.S. imported __________ computers,
but after imposing a tariff the U.S. imported __________ computers.
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A. 100,000; 70,000
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B. 70,000; 100,000
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C. 200,000; 190,000
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D. 90,000; 100,000
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Solution: Homework 4