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Answer those questions Question 1 1 pts Scenario 9-1 The beforetrade domestic price of tomatoes in the United States is $500 per ton. The world
Answer those questions
Question 1 1 pts Scenario 9-1 The beforetrade domestic price of tomatoes in the United States is $500 per ton. The world price of tomatoes is $400 per ton. The U5. is a pricetaker in the tomatoes market. Refer to Scenario 9-1. If trade in tomatoes is allowed, the price of tomatoes in the United States 0 will be unaffected, and consumer surplus will be unaffected as well. 0 could increase or decrease or be unaffected; this cannot be determined. C) will decrease, and this will cause consumer surplus to increase. 0 will increase, and this will cause consumer surplus to decrease. Question 2 Figure 9-3. The domestic country is Jamaica. Price of Calculators $27 Domestic Supply 12 7 World Price 2 Domestic Demand 150 300 400 Quantity of Calculators Refer to Figure 9-3. The change in consumer surplus in Jamaica because of trade is O $1,750 and this is an increase in consumer surplus O $625, and this is a decrease in consumer surplus. O $625, and this is an increase in consumer surplus. O $750, and this is an increase in consumer surplus. O $750, and this is a decrease in consumer surplus.Question 3 Figure 9-1 Price of Baskets $14 Domestic Supply 10 World Price 7 Domestic Demand 40 70 105 Quantity of Baskets Refer to Figure 9-1. With free trade, this country will O import 40 baskets. O produce 105 baskets. O produce 65 baskets. O export 35 baskets. O import 70 baskets.Question 4 Figure 9-2. The domestic country is China. Refer to Figure 9-2. If China were to abandon a no-trade policy in favor of a free-trade policy, O total surplus in the Chinese economy.' would increase. O Chinese producers of pencil sharpeners would become better off. O Chinese consumers of pencil sharpeners would become worse off. 0 All of the other three answers are correct. Question 5 Figure 9-1 Price of Baskets $14 Domestic Supply 10 World Price 7 Domestic Demand 40 70 105 Quantity of Baskets Refer to Figure 9-1. With trade, consumer surplus is O $120. O $80 O $455. O $210. O $245.Question 6 1 pts Economists point out that we all are interdependent, and so refer to the fact that we all {23- have similar tastes and abilities. C3- rely upon one another for the goods and services we all consume. {3- rely upon government to provide us with the basic necessities of life. r'-\\ I are concerned about one another's wellbeing. Question 7 1 pts If a country did not participate in international trade, O it can still benefit from international specialization. O it is better off because it will have to learn to be self-sufficient without trade. O interdependence is greater than would be the case with trade. O it's production possibilities frontier is also its consumption possibilities frontier.Question 8 1 pts Figure 3- 1 Paul cur: Wheat Ema-at Hum m '-' 10 com 1: 1 mm Refer to Figure 3-1. The opportunity cost of 1 bushel of corn is O 5/4 bushels of wheat for Paul and 2/3 bushel of wheat for Cliff; thus, Cliff has the comparative advantage in growing corn. 0 5/4 bushels of wheat for Paul and 2/3 bushel of wheat for Cliff; thus, Paul has the comparative advantage in growing com. 0 4/5 bushel of wheat for Paul and 3/2 bushels of wheat for Cliff; thus, Cliff has the comparative advantage in growing corn. 0 4/5 bushel of wheat for Paul and 3/2 bushels of wheat for Cliff; thus, Paul has the comparative advantage in growing corn. Question 9 1 pts Figure 3-1 Paul Wheat Wheat 10 com Com Refer to Figure 3-1. If Paul divides his time equally between corn and wheat, he will be able to produce O 2 bushels of wheat and 2 bushels of corn. O 4 bushels of wheat and 6 bushels of corn. O 3 bushels of wheat and 3 bushels of corn. O 4 bushels of wheat and 5 bushels of corn.Question 10 Figure 3-1 Paul CHAT Wheat Wheat 10 Com Com Refer to Figure 3-1. The opportunity cost of 1 bushel of wheat for Cliff is O 1/3 bushel of corn. O 3/2 bushels of corn. O 1 bushel of corn. O 2/3 bushel of cornStep by Step Solution
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