Where sd and dd are the domestic supply

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Reference no: EM13149260

56. Refer to the above diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. If this economy was entirely closed to international trade, equilibrium price and quantity would be:
a. Pa and z.
b. Pa and x.
c. Pc and z.
d. Pc and v.

57. Refer to the above diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. If the economy is opened to free trade, the price and quantity sold of this product would be:
a. Pc and v.
b. Pa and z.
c. Pt and y.
d. Pc and z.

58. Refer to the above diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. With free trade, that is, assuming no tariff, the outputs produced by domestic and foreign producers respectively would be:
a. v and vz.
b. w and wy.
c. w and wz.
d. vx and xz.

59. Refer to the above diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. With a per unit tariff in the amount PcPt, price and total quantity sold will be:
a. Pt and x.
b. Pc and z.
c. Pt and y.
d. Pa and x.

60. Refer to the above diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. With a PcPt per unit tariff, the quantities sold by foreign and domestic producers respectively will be:
a. xz and x.
b. xv and xz.
c. x and xz.
d. wy and w.

61. Refer to the above diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. With a PcPt per unit tariff, per unit revenue received by domestic and foreign producers respectively will be:
a. Pc and Pa.
b. Pa and Pc.
c. Pa and Pt.
d. Pt and Pc.

62. Refer to the above diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. With a per unit tariff of PcPt, the total amount of tariff revenue collected on this product will be:
a. PaPt times wy.
b. PcPa times x.
c. PcPt times wy.
d. PcPt times z.

Reference no: EM13149260

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