What are the market price, the quanity supplied by Mexican producers, Qs, and th
ID: 2638035 • Letter: W
Question
What are the market price, the quanity supplied by Mexican producers, Qs, and the quantity demanded by Mexican consumers, Qd, if this market is at equilibrium without international trade.
A) P = 3.50, Qs = 10, Qd = 110
B) P = 6, Qs = 40, Qd = 80
C) P = 8, Qs = 40, Qd = 80
D) P = 8, Qs = 60, Qd = 60
24.
Based on Figure 1, at equilibrium without international trade, Mexico's producer surplus equals the area
A) c2 + b1 + b2
B) c2 + c3 + c4
C) c1 + c2 + c3 + c4
D) a1 + a2 + a3
25.
Based on Figure 1, at equilibrium with free international trade in the market for calculators the price per calculator in Mexico is the world price P = $3.50. When the price is P=$3.50 what is the quantity supplied by Mexician producers, Qs,and what is the quantity demanded by Mexican consumers, Qd?
A) Qs = 10 and Qd = 80
B) Qs = 10 and Qd = 110
C) Qs = 110 and Qd = 110
D) Qs = 60 and Qd = 60
26.
Based on Figure 1, at equilibrium with free international trade in the market for calculators the price per calculator in Mexico is the world price P = $3.50. At P=$3.50 Mexico's producer surplus equals the area
A) c2 + b1 + b2
B) c4
C) a1 + a2 + a3 + a4
D) c1 + c2 + c3 + c4
27.
Based on Figure 1, at equilibrium with free international trade in the market for calculators the price per calculator in Mexico is the world price P = $3.50. At P=$3.50 Mexico's consumer surplus equals the area
A) a1 + a2 + a3 + a4 + b1 + b2 + c1 + c2 + c3
B) a1 + a2 + a3 + a4
C) c1+ c2 + c3 + c4
D) c1+ c2 + c3 + c4 + b1 + b2
28.
Based on Figure 1 if the Mexcian government imposes a per-unit tariff of $2.5 on calculators, the total quantity of calculators consumed by Mexicans (domestically produced plus imports) at equilibrium with international trade is
A) 20 calculators
B) 40 calculators
C) 80 calculators
D) 110 calculators
29.
Based on Figure 1 if the Mexcian government imposes a per-unit tariff of $2.5 on calculators, the total quantity of calculators produced by Mexicans producers at equilibrium with international trade is
A) 20 calculators
B) 40 calculators
C) 50 calculators
D) 80 calculators
30.
Based on Figure 1 if the Mexcian government imposes a per-unit tariff of $2.5 on calculators, at equilibrium with international trade the amount of revenue the Mexican government collects from the tariff is
A) $100
B) $120
C) $140
D) $160
31.
When the government imposes a tariff, the redistribution effect is the area that was consumer surplus with free international trade that becomes producer surplus when the price paid by consumers is equal to the world price plus the tariff. Based on Figure 1, the redistribution effect due to the per unit tariff of $2.50 on calculators in Mexico is represented by the area
A) a1 + a2 + a3 + b1 + b2
B) c1
C) c3
D) b1 + b2 + c2
32.
The deadweight loss from a tariff is the surplus that would have been in existance at equilibrium with free international trade but that no one gets when there is a tariff in place. According to Figure 1, the deadweight cost of the tariff totals:
A) a1 + a4
B) b1 + b2
C) c1 + c2 + c3 + c4
D) c4
33.
The imposition of tariffs on imports results in deadweight welfare losses for the home economy. These losses consist of the:
A) Protective effect plus consumption effect
B) Redistribution effect plus revenue effect
C) Revenue effect plus protective effect
D) Consumption effect plus redistribution effect
Explanation / Answer
24. D
25. B
26. A
27. C
28. D
29. A
30. B
31. B
32. D
33. B
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