Suppose this industry is in short run equilibrium, how much will be the total Gain to Society per day
from production and consumption in this industry (Note: - Answers are in thousands of dollars)?
A) 410
B) 576
C) 614
D) 860
E) 960
F) 1024
G) 1360
H) 1440 I) 1576
J) none of the above
â—» Now suppose that international trade in this product opens up. As a result a foreign supply of this
product becomes available such that any amount can be imported at the world price of $126 per unit.
As a result of international trade, in the short-run, the quantity of this product imported (per day) is equal
to:
A) 9200
B) 8500
C) 6160
D) 6000
E) 5860
F) 3200
G) 2880
H) 2600
I) 0
J) none of the above
As a result of international trade, compared to the initial short-run equilibrium without trade, the Gain to
Society will increase by (per day):
A) $912,900
B) $512,400
C) $433,500
D) $683,500
E)
F) $458,600
G) $1,788,000
H) $1,234,000
I) $110,200
J) none of the
above
Suppose the government decides that it does not like the impact of international trade on this industry. If
the government decides to impose a per unit tariff (a tax) on imports with the intention of returning the level
of output back to the short-run level without trade, the tariff would be equal to:
A) $0
B) $30
C) $62
D) $96
E) $100
F) $102
G) $112H
I) this is not possible
J) none of the above
GTS
30. $uppose this industry is in short run equilibrium, how much will be the total Gain to Society per day from production and consumption in this industry (Note: - Answers are in thousands of dollars)?
A)410 B) 576 C) 614 D) 860 E) 960 F) 1024 G) 1360 H) 1440I) 1576 Jnone of the above Now suppose that international trade in this product opens up. As a result a foreign supply of this product becomes available such that any amount can be imported at the world price of $126 per unit.
31. As a result of international trade, in the short-run, the quantity of this product imported (per day) is equal to:
A) 9200 G) 2880
B) 8500 H) 2600
C) 6160 D) 6000
E) 5860
F) 3200 J) none of the above
1) 0
32. As a result of international trade, compared to the initial short-run equilibrium without trade, the Gain to Society will increase by (per day):
A) $912,900
B) $512,400
C) $433,500
D) $683,500
E)
$258,000
F) $458,600
G) $1,788,000
H) $1,234,000
I)$110,200 above
J) none of the
33. Suppose the government decides that it does not like the impact of international trade on this industry. If the government decides to impose a per unit tariff (a tax) on imports with the intention of returning the level of output back to the short-run level without trade,the tariff would be equal to
A)$0 B)$30 C) $62 G)$112H)$115 I) this is not possible
D)$96
E)$100
F)$102
J) none of the above
