: Price (dollars) Quantity demanded Quantity supplied 2 (units) 100 (units) 70 4 95 75 6 90 80 8 85 85 10 80 90 12 75 95 The table above shows a country's demand and supply schedules for a good. Suppose the world price is $4 a unit. The country imports 30 units. exports 20 units. ☐ exports 10 units. imports 10 units. imports 20 units.

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A small country imports T-shirts. With free trade at a world price of $10, domestic production is 10 million T-shirts and domestic consumption is 42 million T-shirts. The country's government now decides to impose a quota to limit T-shirt imports to 20 million per year. With the import quota in place, the domestic price rises to $12 per T- shirt and domestic production rises to 15 million T-shirts per year. The quota on T- shirts causes domestic consumers to A) gain $7 million. B) lose $7 million. C) lose $70 million. D) lose $77 million

Tariffs and quotas are costly to consumers because О Multiple Choice consumers have to switch to higher-priced domestic goods. the price of the imported good falls. the supply of the imported good increases. import competition increases for domestic goods.

[India is the world’s largest consumer of sugar. Assume the world price for sugar is $750 per ton.] [Assume India currently has a tariff of $50 per ton on sugar and imports 7 million tons of sugar. Show this situation in a graph. Label the quantity demanded and the quantity supplied domestically and imports clearly on a graph. Explain your graph in 3-4 sentences. How to draw the graph?

Jiz What are the effects on U.S. imports and exports when the U.S. experiences economic growth stronger than its major trading partners? Multiple Choice There will be no effect on US imports and exports. U.S. exports will increase more than U.S. imports. US imports will decrease, but U.S. exports will increase. Saved US imports will increase more than U.S. exports. Note: don't use chat bot.

12. If the free trade price is lIP and this country imposes a trade tariff of $3, what will be the resulting net welfare loss to the economy? a)$3 b)$27 C)$13.5 d)$40.5 e)$9 13. if the free trade price is IP and this country imposes an import quota of 6 units, what will be the welfare loss to this economy?    a)$3 b)$27 c)$13.5 d)$40.5 e)$18

Consider the following information pertaining to a country's imports, consumption, and production of t-shirts following the removal of Multi Fiber Agreement (MFA) quotas: Under After МFA МFA World Price ($/shirt) Domestic Price (S/shirt) Domestic Consumption (millions of shirts) Domestic Production (millions of shirts) 2.00 2.00 2.50 2.00 100 125 75 50 a. Use the information in the table above to graph the effects of the quota removal on domestic consumption and production. Include a companion graph for the world market like that shown in class. b. The deadweight loss associated with the quota is: c. The quota rents that were earned under the quota are: d. The gain in consumer surplus associated with quota removal is: e. The loss in producer surplus from the removal of the quota is: f. Assuming that the foreign government assigned the quota licenses, the amount the home country gained from removal of the quota is: 4.

Domestic Demand supply Domestic supply + imports $8 C $4 Qs Q Qd International Trade Two trading partners expand a previous free trade agreement to include sugar. What is the new domestic price of sugar? Provide your answer below: