The following table shows the product market in a small country. Quantity Demanded Domestically Quantity Supplied Domestically 0 110 30 100 90 90 80 70 60 120 150 180 If the world price of the product is $80 and a tariff of $10 per unit is applied to imports of the product, then the tariff would generate government revenues Multiple Choice $400 $800. $700 Price $120 110 100 90 80 70 $10

The following table shows the product market in a small country. Quantity Demanded Domestically Quantity Supplied Domestically 0 110 30 100 90 90 80 70 60 120 150 180 If the world price of the product is $80 and a tariff of $10 per unit is applied to imports of the product, then the tariff would generate government revenues Multiple Choice $400 $800. $700 Price $120 110 100 90 80 70 $10

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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