8. The imposition of a tariff on imports by a small nation leads toa. An outward (towards the axis of its export good) rotation of its offercurve but the same post-tariff world price of the import good.b. An inward (away from the axis of its export good) rotation of its offercurve and a higher post-tariff world price of the import good.c. An outward (towards the axis of its export good) rotation of its offercurve and a higher post-tariff world price of the import good.d.An inward (away from the axis of its export good) rotation of its offercurve and a lower post-tariff world price of the import good.9. If a large nation experiences growth of its abundant input, other things heldconstant, one would expect that in the post-growth trade equilibrium,a. Its welfare increases not only because of outward shift in the PPF butalso because of the more favourable terms of trade.b. Its welfare decreases because of the adverse effects on its terms oftrade as well as due to the excess supply of its export good.c. Its welfare increases because of the growth of the input but decreasesbecause of the adverse terms of trade, with the overall effect beinguncertain.d. Its welfare will increase.10. Labour-saving technical progress meansa) that marginal productivity of capital increases.b) that marginal productivity of labour increases.c) that marginal productivity of both inputs increases.d) None of the above is correct.CHOOSE ONE ANSWER ONLY.

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8. The imposition of a tariff on imports by a small nation leads to a. An outward (towards the axis of its export good) rotation of its offer curve but the same post-tariff world price of the import good. b. An inward (away from the axis of its export good) rotation of its offer curve and a higher post-tariff world price of the import good. c. An outward (towards the axis of its export good) rotation of its offer curve and a higher post-tariff world price of the import good. d. An inward (away from the axis of its export good) rotation of its offer curve and a lower post-tariff world price of the import good.