I attached the graph to this question. 1. If trade is avoided, Spain consumes _____ wrenches at a price of _____ per wrench. 2. With free trade, for a world price of $4 per wrench, Spain is producing _____wrenches. 3. With free trade, for a world price of $4 per wrench, Spain is consuming _______ wrenches. 4. With free trade, for a world price of $4 per wrench, Spain is importing _________wrenches. 5. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, Spain produces ____________ and imports __________wrenches. 6. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, how much tariff revenue will the Spain’s government collect?

Q: by Locke reflect concerns and problems of the 17th century? O Locke's ideas reflected a shift toward…

A: Answer -1  Property is a natural right derived from labor, according to John Locke. He maintains…

Q: If the Turks and Caicos government sells military hardware to Cuba, the transaction would be…

A: The current account includes all the export and import of goods and services including unilateral…

Q: Examine the Lorenz Curves for Germany and Singapore shown in Figure 5. Which of the following…

A: The Lorenz curve and Ginni coefficient are the measurements of the inequality in an economy. With…

Q: oduction Opportunities Hours Needed to Make 1 Unit of Number of Units Produced in 40 Hours Cheese…

A: Production possibilities frontier does the combination of two goods that can be produced with the…

Q: If an effective rate of interest is given 6%, compute for the interest rate if it pays thrice a…

A: Answer :-    Given data Effective rate of interest 6% And   Interest pays quartly.

Q: Discuss the sources and approaches used by McDonald’s in order to stay abreast of the environmental…

A: McDonald's takes a variety of steps to ensure that it is up to date on environmental issues. Global…

Q: Starting with a long run equilibrium, a Fed policy insisting on an even higher GDP may lead to a…

A: GDP is the value of final goods and services produced in the economy within a given period of time.

Q: Brooke is evaluating two alternatives for improving the exterior appearance of her Victorian-style…

A: Cost = $10500 MARR = 10%

Q: 3. Assume that a firm which produces an output according to the following function is attempting to…

A: Given production function q=f(K,L)=(0.5K12+0.5L12)12 Price of labor=WPrice of capital=r

Q: The task to complete is to create a scenario in which a monopoly might form and analyze that…

A: Market refers to the place where the buyers or sellers come together to meet each other for…

Q: Questions 13: Please draw a PPF curve for the table to the right with labels? Batteries E

A: Since You have Posted Multiple questions, as per the guidelines we can solve only one question per…

Q: 37

A: Market refers to the place where the buyers and sellers sell the product at the given price. It…

Q: 2. The Daisy-land's economy is described as follows: Y=C+I+G; Y=10,000; G=2,000; T=3,000;…

A: In economics, a country's national saving is the sum of private and public saving. It equals a…

Q: If a country were to increase its saving rate, then in the long run it would also increase its…

A: The answer is - Growth rate of productivity

Q: 9. Inflation and unemployment Suppose that the government believes the economy is not producing…

A: Inflation and Unemployment move in opposite directions always. So an economy has to choose what it…

Q: Nora is a runner looking for a new pair of running shoes. She found a pair that looks nice and fits…

A: Utility function : U = (W)0.5 High Quality worth = 256  Probability = 0.75  Low Quality Worth = 36…

Q: rice Question 5 What would happen to equilibrium price and equilibrium quantity of khaki pants if...…

A: The demand curve depicts that there exists an inverse relationship between price and quantity…

Q: Which of the following scenarios indicates that an economy which might be in a recession? Select the…

A: Real GDP is the value of final goods and services produced in the economy within a given period of…

Q: 1. What is the effect of monetary policy in the short run?

A: Dear Student as you have posted multiple questions, but according to our policies and guidelines we…

Q: 8. Factors that influence standard of living

A: When the government invests in technology, education to increase skills and create capital…

Q: Tobacco companies have often argued that they advertise to attract more existing smokers and not to…

A: We have 2×2 game between 2 firm chooses to advertise or don't advertise.

Q: Soft selling occurs when a buyer is skeptical of the usefulness of a product and the seller offers…

A: A sales representative is trying to sell a company a new accounting system that will reduce the…

Q: Sheila's income and leisure preferences can be expressed by U(Y, L) = 2 x (YL - 40Y - 100L) This…

A: Answer;

Q: What is the book value (to the nearest cent) for the asset in year 1 if straight-line method is…

A: Answer; Given data Cost of Asset = $ 50,000 Useful Life = 6 years Salvage Value = $4,000

Q: Consider the following game, which is played simultaneously: B 1 1 -1 A 2 1 What type of game this…

A: Player A and B are heading in the same direction.

Q: Explain what will happen in a nation that tries to solve a structural unemployment problem using…

A: Monetary policy: These are the policy measures that are being taken introduced by the central bank…

Q: The following diagram presents a circular-flow model of a simple economy. The outer set of arrows…

A: Circular flow of income shows flow of goods and services and products between households and firms.

Q: 0. Normative and positive statements The following table contains statements that provide some…

A: The statement which is subjective and based on value judgements and assumptions. Providing any view,…

Q: A simple supply curve shows a relationship between the Multiple Choice price of a good and the…

A: Supply curve is upward sloping for a good.

Q: As shown in Exhibit 9-1, O $1 trillion. O $2 trillion. O $3 trillion.

A: Use the below formula: Aggregate expenditure  = Consumption + investment + government spending + net…

Q: Because of Environmental Protection Agency pollution credits to biodiesel producers, biodiesel…

A: Answer is given below

Q: Engineer Miranda ended his account in Smart postpaid having of cost of 800PhP for his last bill of…

A: To solve the above question firstly we find the number of months for which smart postpaid is paid…

Q: Suppose the annual welfare benefit formula is Benefit = $4,000 0.67(Wages > $2,000) Instructions:…

A: Given: Benefit=4000-0.67(Wages>2000) The tax rate that depicts additional tax that is being paid…

Q: 45° Original Income Jelfare policy diagram right of Figure 6 are two circular red markers with a…

A: Government intervention is administrative move initiated by government that try to change the…

Q: You have calculated via OLS: In(y) = 0.400 + In(x_1)*0.090 +x_2*0.840 Calculate the average marginal…

A: The average of anticipated changes in fitted values for one unit change in X for each X value, i.e.…

Q: In recent years, almost all new job creation in the United States has occurred in the sector.…

A: The process of creating new jobs, particularly for those who were previously unemployed or inactive,…

Q: If the monopolist is incurring a short run economic loss, what are some options the monopolist has?…

A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…

Q: Types of Circular Flow of Income in Economics

A: In an economy, the circular flow refers to the never-ending flow of goods and services produced and…

Q: Poland, after its transformation into a market economy in the early 90's, has consistently been…

A: Economy: It refers to the place under which the people exchange goods and services. The economy is…

Q: Apply marginal utility theory to the paradox of value

A: The change in the total utility when one additional unit of good is consumed is called marginal…

Q: A profit-maximizing firm will: O reduce employment if VMPL exceeds MCL. O expand employment if the…

A:

Q: xplanation it correctly Q)The effect of foreign purchases: A. shifts the aggregate demand curve to…

A: Aggregate demand = consumption + Investment + Govt spending + Net exports(Export - imports) When…

Q: nterpret and explain, diagram of effect of airline regulation by the civil aeronautic board indicate…

A: Civil aviation, which has been heavily regulated by European governments, is one of the industries…

Q: s the line 2 = 1-2t, y = 2+5t, z = -3t parallel to the plane 2x + y -z = 8? Give reasons for your…

A: As it is given to us x=1-2t y=2+5t z=-3t

Q: What are the failures of the World Bank business indicators? Explain clearly

A: Countries needed capital at the end of WWII. Capital needed to achieve their goals of rapid…

Q: This table shows price and quantity produced for a single firm in a perfectly competitive market.…

A: In perfectly competitive market, there are many buyers and firms and with no barriers to entry.…

Q: total amount of consumer surplus lost due to the tax 1. A+B+F amount of consumer surplus lost due to…

A:

Q: Refer to the following graph to answer the next five questions Milkshakes B PPF In the graph, Point…

A: Production possibilities frontier shows the combinations of two goods that a country can produce…

Q: 24. Financial institutions that cut back on their lending are engaged in A) liability management B)…

A: In an economy, lending refers to transferring excess funds of an individual or institutions to the…

Q: If inflation is less than expected, who benefits? Please include one or more examples in your…

A: Inflation is defined as an increase in the overall price of goods and services in a given economy.…