EP ECONOMICS,AP EDITION-CONNECT ACCESS
20th Edition
ISBN: 9780021403455
Author: McConnell
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 23, Problem 9DQ
To determine
Immigration laws and amnesty program.
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QUESTION 22
P
COUNTRY 1
25
20
15
10
5
d1 Q
0
0 3 6 9 1215182124
s1
IP
INTERNATIONAL MARKET
25
20-
15
10-
LO
P
5
S2
P
0
0 3 6 9 1215182124Q
25
20-
S1 15
IP
10
D2 5
D1 0
COUNTRY 2
⠀⠀
22. What is the net welfare gain from trade to the economy of country 1? (hint: the formula for calculating the area of a triangle is 1/2 times the base times the height)
a) 3
b) 6
c) 9
d) 13.5
e) 18
s2
IP
d2
0 3 6 9 1215182124Q
A small country is facing the following domestic supply curve of a product: S = 200 + 20P,
as well as the following domestic demand curve of a product: D = 400 - 20P. It can import
it at a world price of 10 per unit. In addition, each unit of production yields a marginal
social benefit of 10. The effect on welfare of an import tariff of 6 per unit is $.
O -420
O 500
O -480
O 420
O 320
-500
O :180
O -320
480
O 180
Which of the following statements about foreign trade is
correct? Choose an answer:
O 1. A good is imported if the world market price for this good is higher than the domestic
opportunity costs of producing this good.
O 2. A good is exported if the world market price for this good is lower than the domestic
opportunity costs of producing this good.
3. The levying of a domestic duty rate on an imported good increases the
producer surplus and reduces the domestic consumer surplus.
O 4. If a country has an absolute advantage in one good, it also has a comparative advantage
in that good.
O 5. A particularly productive country can have a comparative advantage in all goods.
Chapter 23 Solutions
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- Please examine the market for AC units below. In this market, the Home nation has imposed a quota limiting the number of AC units that foreign nations are allowed to export into the Home economy. Based on this diagram, what was the level of that quota? Price $12 $11 $10 59 50 $7 56 55 $4 53 52 51 0 Home Market for AC Units 123 O 3 units Quantity IS 5+Q XX 4 or more units Pw O 1 unit O2 units Consumer Surplus Producer Surplus Consumer Surplus Producer Surplus Price $12 $11 $10 $9 S8 $7 $6 $5 $4 $3 $2 $1 0 International Market for AC Units 1 C Se 2 3 4 5 6 7 8 9 10 Quantityarrow_forwardP COUNTRY 1 25 20 15 10 5 0 d1 Q 0 3 6 9 1215182124 s1 IP INTERNATIONAL MARKET 25 20 15 10 LO 5 P S2 22. What will be the quantity demanded by country 1 from the rest of the world at a price of 5? O(a) 6 O (b) 9 O (c) 12 O (d) 15 S1 IP D2 0 0 3 6 9 1215182124Q 225 P 25 15 10 5 D1 0 20 COUNTRY 2 S2 IP d2 0 3 6 9 1215182124Qarrow_forward25 20 15 10 LO 0 P a 0 O 3 (d) areas (b) + (c) + (d) + (e) (e) areas (a) + (b) + (c) + (d) e 6 b O S 9 12 15 18 25. If the free trade price is IP and this country imposes a trade tariff of $6, the loss to the economy as a result of this tariff is represented by O(a) area (a) in this graph (b) area (b) in this graph (c) areas (c) + (d) P* 21 IP D 24 Qarrow_forward
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