Chapter 18 International Trade and Finance

| November 9, 2018

16)
Refer to Figure 18.1. With free trade, what is the equilibrium price of gloves
in Duckland?
A)
$0
B)
$8
C)
$9
D)
$11

17)
Refer to Figure 18.1. With an import ban, what is the equilibrium quantity of
gloves in Duckland?
A)
100
B)
80
C)
60
D)
40

18)
Refer to Figure 18.1. With an import ban, what is the equilibrium price of
gloves in Duckland?
A)
$0
B)
$8
C)
$9
D)
$12

19)
Refer to Figure 18.1. With free trade, how many gloves are produced
domestically in Duckland?
A)
100
B)
80
C)
60
D)
0

20)
Refer to Figure 18.1. With an import ban, how many gloves are produced
domestically in Duckland?
A)
100
B)
80
C)
60
D)
0

21)
Refer to Figure 18.1. With a tariff or quota, what is the equilibrium quantity
of gloves in Duckland?
A)
100
B)
80
C)
60
D)
40

22)
Refer to Figure 18.1. With a tariff or quota, what is the equilibrium price of
gloves in Duckland?
A)
$8
B)
$9
C)
$10
D)
$11

23)
Refer to Figure 18.1. With a tariff, how much does the government collect for
each glove imported into Duckland?
A)
$0
B)
between $2 and $3
C)
between $8 and $10
D)
more than $10

24)
Tariffs ________ prices for domestic consumers and import quotas ________
prices for domestic consumers.
A)
raise; lower
B)
lower; raise
C)
raise; also raise
D)
lower; also lower

25)
Importers collect additional revenues from a ________, and governments collect
additional revenues from ________.
A)
tariff; voluntary export restraints
B)
quota; import bans
C)
quota; tariffs
D)
voluntary export restraint; quotas

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