Question
1. The graph attached shows a market for a good traded internationally with an import tariff, A. The world price is B. Which of the
1. The graph attached shows a market for a good traded internationally with an import tariff, A. The world price is B. Which of the following describes the quantity of imports with the tariff? A. Q4. B. Q3. C. Q2 (box) Q1. D. Q4 (box) Q3. E. Q3 (box) Q2. 2. Which of the following would happen for an imported food if an import quota is imposed? A. An increase in domestic consumer surplus. B. A decrease in the equilibrium price. C. An increase in domestic production. D. A decrease in domestic production. E. An increase in total economic surplus. 3. Mercuria is a producer and an importer of steel. What will happen if mercurias government imposed an import tariff on steel that is above the world price? A. There will be an increase in consumer surplus for domestic consumers. B. There will be an increase in imports. C. The domestic consumption of steel will increase. D. There will be an increase in domestic producer surplus. E. There will be no deadweight loss.
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