Multiple Choice
Figure 9-3
Since 1953 the United States has imposed a quota to limit the imports of peanuts. Figure 9-3 illustrates the impact of the quota.
-Refer to Figure 9-3.Without the quota, the domestic price of peanuts equals the world price which is $2.00 per pound.What is the quantity of peanuts supplied by domestic producers in the absence of a quota?
A) 10 million pounds
B) 28 million pounds
C) 30 million pounds
D) 40 million pounds
Correct Answer:
Verified
Correct Answer:
Verified
Q6: If a country has a comparative advantage
Q7: A quota<br>A)makes domestic consumers better off.<br>B)makes both
Q8: The main purpose of most tariffs and
Q9: A tariff is<br>A)a limit placed on the
Q10: Table 9-6<br>Output per hour Production and Production<br>of
Q12: Table 9-6<br>Output per hour Production and Production<br>of
Q13: Once a country has a comparative advantage
Q14: Table 9-6<br>Output per hour Production and Production<br>of
Q15: Figure 9-2<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Figure 9-2
Q16: A tariff is a numerical limit on