12. U.S. steel workers constantly lobby for curbs on the volume of imported stee

Question

12. U.S. steel workers constantly lobby for curbs on the volume of imported steel. This would produce a a. rightward shift in the supply curve of American steel. b. rightward shift in the demand curve of American steel. c. leftward shift in the demand curve of American steel. d. leftward shift in the supply curve of American steel. For a given production possibilities frontier, which points are attainable? a. 13. points inside the frontier b. points outside the frontier c. points on or outside the frontier d. e. points on the frontier only points on or inside the frontier 14. Along a supply curve a. supply changes as price changes. b. quantity supplied changes as price changes. c. supply changes as technology changes. d. quantity supplied changes as technology changes.

Explanation / Answer

12) b is correct

Curb on imported steels leads to imposition of tariff on imported steel which increases the price of imported steel. This reduces the deman for imported steel and increases the demand for American steel. Increase in demand is a rightward shift.

13) e is correct

Points on or inside the PPF are attainable.

14) b is correct

Any change in the price leads to a movement along the supply curve leading to change in quantity supplied.

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