Exam 9: Application International Trade: Part A

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Scenario 9-3 Suppose domestic demand and domestic supply in a market are given by the following equations: -Refer to Scenario 9-3.With no trade allowed,how much are consumer surplus,producer surplus,and total surplus in this market?

Free

(Short Answer)

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Question 1

Correct Answer:

Verified

Without trade,consumer surplus is $50,producer surplus is $50,and total surplus is $100.

Figure 9-27 The following diagram shows the domestic demand and supply curves in a market.Assume that the world price in this market is $20 per unit. -Refer to Figure 9-27.If the country allows free trade,how many units will domestic consumers demand and how many units will domestic producers produce?

Free

(Short Answer)

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Question 2

Correct Answer:

Verified

With trade,domestic consumers will demand 600 units and domestic producers will produce 200 units.

Figure 9-29 The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit. -Refer to Figure 9-29.Suppose the country imposes a $1 per unit tariff.If the country allows trade with a tariff,how many units will be imported?

Free

(Short Answer)

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Question 3

Correct Answer:

Verified

With trade and a tariff,200 units will be imported.

Figure 9-29 The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit. -Refer to Figure 9-29.With no trade allowed,what are the equilibrium price and equilibrium quantity in this market?

(Short Answer)

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Question 4

Figure 9-26 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-26.With no trade allowed,what are the equilibrium price and equilibrium quantity in this market?

(Short Answer)

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Question 5

List four benefits of international trade.

(Short Answer)

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Question 6

Suppose in the country of Nash that the price of corn is $4 per bushel with no trade allowed.If the world price of corn is $3 per bushel and if Nash allows free trade,will Nash be an importer or an exporter of corn?

(Short Answer)

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Question 7

Figure 9-27 The following diagram shows the domestic demand and supply curves in a market.Assume that the world price in this market is $20 per unit. -Refer to Figure 9-27.With no trade allowed,how much are consumer surplus,producer surplus,and total surplus?

(Short Answer)

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(32)

Question 8

Figure 9-27 The following diagram shows the domestic demand and supply curves in a market.Assume that the world price in this market is $20 per unit. -Refer to Figure 9-27.If the country allows free trade,will the country import or export this good,and how many units will be imported/exported?

(Short Answer)

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Question 9

Scenario 9-3 Suppose domestic demand and domestic supply in a market are given by the following equations: -Refer to Scenario 9-3.Suppose the world price in this market is $8 per unit.If the country allows free trade,how much are consumer surplus,producer surplus,and producer surplus with trade?

(Short Answer)

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Question 10

Figure 9-29 The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit. -Refer to Figure 9-29.If the country allows free trade,will the country import or export this good,and how many units will be imported/exported?

(Short Answer)

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Question 11

Scenario 9-3 Suppose domestic demand and domestic supply in a market are given by the following equations: -Refer to Scenario 9-3.Suppose the world price in this market is $8 per unit,and suppose the country imposes a $1 per unit tariff.If the country allows trade with a tariff,how much is the deadweight loss caused by the tariff?

(Short Answer)

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Question 12

List five arguments given to support trade restrictions.

(Essay)

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Question 13

Figure 9-29 The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit. -Refer to Figure 9-29.If the country allows free trade,how many units will domestic consumers demand and how many units will domestic producers supply?

(Short Answer)

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Question 14

Figure 9-26 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-26.Suppose the world price in this market is $7.If the country allows free trade,by how much do consumer surplus,producer surplus,and total surplus change with trade?

(Short Answer)

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Question 15

Suppose in the country of Jumanji that the price of wheat with no trade allowed is above the world price of wheat.If Jumanji allows free trade,will Jumanji be an importer or an exporter of wheat?

(Short Answer)

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(32)

Question 16

Suppose the world price of coffee is $2 per pound and Brazil's domestic price of coffee without trade is $3 per pound.If Brazil allows free trade,will Brazil be an importer or an exporter of coffee?

(Short Answer)

4.9/5

(38)

Question 17

Scenario 9-3 Suppose domestic demand and domestic supply in a market are given by the following equations: -Refer to Scenario 9-3.Suppose the world price in this market is $8 per unit.If the country allows free trade,by how much do consumer surplus,producer surplus,and producer surplus change?

(Short Answer)

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(26)

Question 18

Figure 9-27 The following diagram shows the domestic demand and supply curves in a market.Assume that the world price in this market is $20 per unit. -Refer to Figure 9-27.Suppose the country imposes a $5 per unit tariff.If the country allows trade with a tariff,how much is the deadweight loss caused by the tariff?

(Short Answer)

4.9/5

(32)

Question 19

Figure 9-26 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-26.With no trade allowed,how much are consumer surplus,producer surplus,and total surplus in this market?

(Short Answer)

4.9/5

(28)

Question 20

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Exam 9: Application International Trade: Part A

Scenario 9-3 Suppose domestic demand and domestic supply in a market are given by the following equations: -Refer to Scenario 9-3.With no trade allowed,how much are consumer surplus,producer surplus,and total surplus in this market?

Figure 9-29 The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit. -Refer to Figure 9-29.With no trade allowed,what are the equilibrium price and equilibrium quantity in this market?

Figure 9-26 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-26.With no trade allowed,what are the equilibrium price and equilibrium quantity in this market?

List four benefits of international trade.

Suppose in the country of Nash that the price of corn is $4 per bushel with no trade allowed.If the world price of corn is $3 per bushel and if Nash allows free trade,will Nash be an importer or an exporter of corn?

Figure 9-27 The following diagram shows the domestic demand and supply curves in a market.Assume that the world price in this market is $20 per unit. -Refer to Figure 9-27.With no trade allowed,how much are consumer surplus,producer surplus,and total surplus?

Figure 9-27 The following diagram shows the domestic demand and supply curves in a market.Assume that the world price in this market is $20 per unit. -Refer to Figure 9-27.If the country allows free trade,will the country import or export this good,and how many units will be imported/exported?

Scenario 9-3 Suppose domestic demand and domestic supply in a market are given by the following equations: -Refer to Scenario 9-3.Suppose the world price in this market is $8 per unit.If the country allows free trade,how much are consumer surplus,producer surplus,and producer surplus with trade?

List five arguments given to support trade restrictions.

Figure 9-26 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-26.Suppose the world price in this market is $7.If the country allows free trade,by how much do consumer surplus,producer surplus,and total surplus change with trade?

Suppose in the country of Jumanji that the price of wheat with no trade allowed is above the world price of wheat.If Jumanji allows free trade,will Jumanji be an importer or an exporter of wheat?

Suppose the world price of coffee is $2 per pound and Brazil's domestic price of coffee without trade is $3 per pound.If Brazil allows free trade,will Brazil be an importer or an exporter of coffee?

Scenario 9-3 Suppose domestic demand and domestic supply in a market are given by the following equations: -Refer to Scenario 9-3.Suppose the world price in this market is $8 per unit.If the country allows free trade,by how much do consumer surplus,producer surplus,and producer surplus change?

Figure 9-26 The following diagram shows the domestic demand and domestic supply curves in a market. -Refer to Figure 9-26.With no trade allowed,how much are consumer surplus,producer surplus,and total surplus in this market?

Ten Principles of Economics

Ten Principles of Economics: How People Make Decisions

Ten Principles of Economics: How People Interact

Ten Principles of Economics: How the Economy As a Whole Works

Ten Principles of Economics: Part A

Ten Principles of Economics: Part B

Thinking Like an Economist

Thinking Like an Economist: The Economist As Scientist

Thinking Like an Economist: The Economist As Policy Adviser

Thinking Like an Economist: Why Economists Disagree

Thinking Like an Economist: Lets Get Going

Thinking Like an Economist: Graphing a Brief Review

Thinking Like an Economist: Part A

Thinking Like an Economist: Part B

Interdependence and the Gains From Trade

Interdependence and the Gains From Trade: A Parable for the Modern Economy

Interdependence and the Gains From Trade: Comparative Advantage the Driving Force of Specialization

Interdependence and the Gains From Trade: Applications of Comparative Advantage

Interdependence and the Gains From Trade: Conclusion

Interdependence and the Gains From Trade: Part A

Interdependence and the Gains From Trade: Part B

The Market Forces of Supply and Demand

The Market Forces of Supply and Demand:Markets and Competition

The Market Forces of Supply and Demand: Demand

The Market Forces of Supply and Demand: Supply

The Market Forces of Supply and Demand: Supply and Demand Together

The Market Forces of Supply and DemandConclusion How Prices Allocate Resources

The Market Forces of Supply and Demand: Part A

The Market Forces of Supply and Demand: Part B

Elasticity and Its Applications

Elasticity and Its Applications: The Elasticity of Demand

Elasticity and Its Applications: The Elasticity of Supply

Elasticity and Its Applications: Three Applications of Supply,demand,and Elasticity

Elasticity and Its Applications: Part A

Elasticity and Its Applications: Part B

Supply Demand and Government Policies

Supply Demand and Government Policies: Controls on Prices

Supply Demand and Government Policies: Taxes

Supply Demand and Government Policies: Part A

Supply Demand and Government Policies: Part B

Consumers Producers and the Efficiency of Markets

Consumers Producers and the Efficiency of Markets: Consumer Surplus

Consumers Producers and the Efficiency of Markets: Producer Surplus

Consumers Producers and the Efficiency of Markets: Market Efficiency

Consumers Producers and the Efficiency of Markets: Conclusion Market Efficiency and Market Failure

Consumers Producers and the Efficiency of Markets: Part A

Consumers Producers and the Efficiency of Markets: Part B

Application the Cost of Taxation

Application the Cost of Taxation: The Deadweight Loss of Taxation

Application the Cost of Taxation: The Determinants of the Deadweight Loss

Application the Cost of Taxation: Deadweight Loss and Tax Revenue As Taxes Vary

Application the Cost of Taxation: Conclusion

Application the Cost of Taxation: Part A

Application the Cost of Taxation: Part B

Application International Trade

Application International Trade: The Determinants of Trade

Application International Trade: The Winners and Losers From Trade

Application International Trade: The Arguments for Restricting Trade

Application International Trade: Conclusion

Application International Trade: Part B

Measuring a Nations Income

Measuring a Nations Income: The Economy's Income and Expenditure

Measuring a Nations Income: The Measurement of GDP

Measuring a Nations Income: The Components of GDP

Measuring a Nations Income: Real Versus Nominal GDP