QUESTION 10 Assume that Japan is the main supplier of cars to the US. Japanese supply is given by Qs = 40p. American demand is given by Qd = 8000-10p. What is the price in this market. O 80 O 100 160 200
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- 3. A fruit is traded in a competitive world market, and the world price is $10 per pound. The consumer quantity in this price is 100 million tonnes. One year later, overall fruit prices increase to $15 and total consumer level fall to 90 million tonnes. Under this circumstance, what is the price elasticity of demand fruit?Figure 9-1 Price $50 10 10 15 O 5 units US Supply O 15 units O 10 units O 20 units World price Quantity of leather footwear Figure 9-1 shows the U.S. demand and supply for leather footwear. US Demand Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. What will be the quantity demanded?The following graph shows intra-industry trade in the United States for two types of yogurts: Yoplait (a famous French brand) and Dannon (a famoud American brand): 13 12 11. 10 A 9 83 7 2 1 0 -1 10 1 -11 CHG. O GHOI. O HLP. US Market for Yoplait (Y) Supply of Yoplait O GHPK. 8 Demand for Yoplait 9 10 11 12 13 Yoplak 15 12 Price 11 10 A 0 1 2 US Market for Dannon (D) Refer to the above graph. At the price of $6 for Y, and relative to an autarkic situation, intra- industry trade leads to a loss for producers of: Supply of Dannon Demand for Dannon Dannon 10 11 12 13
- Under pressure from the Canadian and U.S. governments in the early 1980s, Japanese automobile producers agreed to restrict their exports to the North American market. After the formal agreement ended, the Japanese producers decided unilaterally to continue restricting their exports. Carefully review the accompanying figure, and then answer the following questions. a. Explain why the Japanese producers would voluntarily continue these restrictions. Japanese producers would voluntarily continue these restrictions because as a result of these restrictions, O A. their surplus will increase because they will have lower transportation and transaction costs per unit sold. O B. the Japanese govemment will be able to negotiate better terms of trade. OC. their surplus will increase because they will earn more revenue per unit sold. ⒸD. they will face less competition in Japan from foreign producers. Pd Pw (1) Qo Permitted level of Imports Q₂ Quantity Q3 Q₁ 1 S D ✅ƠN An import quota drives up the…The demand for apples in the United States is Qs 800 20P, and foreign demand for apples is Q 1200-40P, where quantity demanded is measured in millions of bushels and price is in dollars per bushel. The world demand for apples is therefore O A. Q 2000-20P when P is $30 or less. O B. Q 400-20P when P is $20 or less. O C. Q 2000-60P when P is $30 or less. O D. Q- 400 20P for all prices..In 1932, U.S. manufacturers, which used to enjoy steady relationships with their foreign distributors and export nearly 60% of their output, realized that their exports had fallen to only 20% of total output. Which of the following is the most likely reason for this decrease in exports? O The low quality of U.S. products O war between the United States and Canada O Retaliatory tariffs by trading partners The signing of the General Agreement on Tariffs and Trade (GATT) in 1947 resulted in the adoption of several new trade policies. In the following table, indicate if each of the policies listed was a result of GATT. Then, complete the last column by identifying the means by which each GATT policy was implemented. Policy GATT Policy Implementation Promotion of protectionism Clear and public trade rules Promotion of lower trade barriers Yes v Institution of the WTO Promotion of trade transparency Settling trade disputes In the 1960s, multilateral negotiations called the Uruguay Round…
- 20. Hyundai was manufacturing cars in South Korea that were exported to the United States, but now has a car manufacturing plant in the United States. Assuming that Hyundai's sales in the Uníted States remain the same, and the cars from their new U.S. plant are all sold in the United States, then producing more Hyundais in the United States would: decrease imports to the United 5tates. O increase U.5. exports, decrease U.5. exports. O increase imports to the United 5tates.Figure 7-1 Price $54 30 24 0 R S V W X Y % Q₁ Q₂ US Supply O Q0 O Q1 World price Quantity of leather footwear Figure 7-1 shows the U.S. demand and supply for leather footwear. Q2 US Demand Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. What will be the quantity of imports? OQ2Q0Figure 5 Price of Wagons $18.5 8 00 5 0 40 70 90 Domestic Supply World Price Domestic Demand Quantity of Wagons Refer to Figure 5. The increase in total surplus resulting from trade is Select one: O a. $60, since consumer surplus increases by $180 and producer surplus falls by $240. O b. $75, since consumer surplus increases by $300 and producer surplus falls by $225. O c. $60, since producer surplus increases by $180 and consumer surplus falls by $240. O d. $75, since consumer surplus increases by $240 and producer surplus falls by $165.
- 111 Domestic Demand Domestic Supply 57 World Price 33 200 360 520 QUANTITY (Tricydles) Refer to Figure 9-2. The increase in total surplus resulting from trade is O a. S7,680, since consumer surplus increases by $9,216 and producer surplus falls by $1,536. O b. $23,280, since consumer surplus increases by $34,920 and producer surplus falls by $11,640. OC. $1,920, since consumer surplus increases by $2,688 and producer surplus falls by $768. O d. $3,840, since consumer surplus increases by $10,560 and producer surplus falls by $6,720. FEB MacBook Al 80 F3 F4 F6 F7 PRICE (Dollars per tricycle)1. The United States currently imports all of its coffee. The annual demand for coffee by U.S. consumers is given by the demand curve Q = 250 – 10P, where Q is quantity (in millions of pounds) and P is the market price per pound of coffee. World producers can harvest and ship coffee to U.S. distributors at a constant marginal (= average) cost of $8 per pound. U.S. distributors can in turn distribute coffee for a constant $2 per pound. The U.S. coffee market is competitive. Congress is considering a tariff on coffee imports of $2 per pound. a. If there is no tariff, how much do consumers pay for a pound of coffee? What is the quantity demanded? b. If the tariff is imposed, how much will consumers pay for a pound of coffee? What is the quantity demanded? c. Calculate the lost consumer surplus. d. Calculate the tax revenue collected by the government. e. Does the tariff result in a net gain or a net loss to society as a whole?3 Price($) 25 15 9 5 1 R A CS B 15 % G DD 0 200 300 600 700 Quantity of Wheat (thousands of bushels) Refer to Exhibit 19.4, which shows the market for wheat in the country of Palatino. SD is the domestic supply of wheat, and DD is the domestic demand for wheat. Suppose the world price of wheat is $9 per bushel and a specific tariff of $6 is imposed on each bushel of wheat imported. The net welfare loss from the tariff is represented by area(s). Oa. I and H. Ob. E. c. F. Od. B and D. Oe. A and C. A bike 2 A bike jpg.jpg A bike 2.jpg Show AO ENG 6:52 D 6/12/2 fa prt H 5 C E SD T f7 Y H 4- & 7 + U * 8 fo f10 ► 11 K|| fyl 112
