5. Diagram below shows domestic U.S. is at $0.30. (2 points each) Price of orange $0.70 $0.60 0.30 supply and demand for oranges. World price Domestic supply mestic market price orld price + Tariff World price Domestic Demand Quantity of oranges (thousands) a. With trade restriction, how many oranges will the US import? Suppose that the U.S. government removes a tariff on oranges. b. How many oranges will the United States import after removal of the tariff? c. At $0.60 price how much would government collect in tariff revenue on the number of oranges imported? $ d. With trade restriction, how many oranges will American consumers demand? e. With free trade, how many oranges will American farmers supply? 3/6 e. With free trade, how many oranges will American farmers supply? 3/6 6. The government is involved in providing many goods and services. For each of the goods or services listed below (a through c), determine whether it is, (9 points) a) Rival or nonrival in consumption. b) Excludable or nonexcludable. ) What type of good is it? a) Street signs: b) Amtrak rail service: ) A congested interstate highway without tolls