Question 1 Suppose the U.S. government imposes a tariff on imported lumber products. The effect this tariff has on the U.S. lumber market is to domestic prices, consumer surplus, and producer surplus. Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a lower; lower; lower b raise; raise; lower c lower; lower; raise d raise; lower; raise:3 Question 2 Suppose the world price of a pound of coffee beans is $8.00. Suppose the pre-trade price of a pound of coffee beans in Brazil is $9.00. What would happen if Brazil allowed trade in coffee beans? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a Brazil would import coffee beans, and the price of coffee beans in Brazil would be $9.00. b Brazil would import coffee beans, and the price of coffee beans in Brazil would be $8.00. C Brazil would export coffee beans, and the price of coffee beans in Brazil would be $8.00. d Brazil would export coffee beans, and the price of coffee beans in Brazil would be $9.00.@ Question 3 m Suppose Iceland has decided to allow trade 1with other countries. Once it starts trading with other nations its economyr is importing bananas, exporting sh, and not importing or exporting shoes. What likely happened to consumer surplus in Iceland after trade? Selected answer will be automatically saved. For keyboard navigation, press upjdown arrow keysto select an answer. a It is increased for fish, decreased for bananas, and unchanged for shoes. I: It is increased for bananas and fish, but not shoes. c It is increased for bananas and shoes, but not fish. d It is increased for bananas, decreased for fish, and is unchanged for shoes. Question 4 When Honda's Canadian factory imports car parts from China at prices that are lower than Canadian prices, who loses? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a Canadian workers who assemble Honda cars lose. b Canadian consumers lose. C Canadian businesses that assemble cars lose . d Canadian businesses that make car parts lose.Question 5 Japan imports crayons into its country; they are a price taker in this market. Suppose the world price of crayons is $5. If Japan imposes a $1 tariff on crayons, what would be the domestic price of crayons and what will happen to the quantity bought? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a The quantity bought will increase and the price will be $6. b The quantity bought will fall and the price will be $6. c The quantity bought will fall and the price will be $4. d The quantity bought will increase and the price will be $4