International Economics Test

Jun 17th, 2015
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International Economics Test

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QUESTION 1Refer to Scenario 8.1. The imposition of the tariff on wine will cause the surplus of the domestic consumers to _____ by ____.fall; $10 millionfall; $250,000fall; $3.5 millionrise; $3.5 million4.09836 points QUESTION 2Refer to Scenario 8.1. The imposition of the tariff on wine will cause the surplus of the domestic producers to _____ by ____.rise; $1 millionrise; $500,000fall; $2.5 millionrise; $2.75 million4.09836 points QUESTION 3Refer to Figure 8.1. Following the imposition of tariff, the domestic consumer surplus _____ by the area ____.increases; c + ddecreases; ddecreases; (a + b + c + d)increases; (b + d)4.09836 points QUESTION 4Which of the following is a likely impact of international migration?The native workers in the receiving country gain welfare.The receiving country as a whole gains.The workers remaining in the country after emigration lose welfare.The country from which workers migrate out to other countries gains welfare as long as remittances are small.4.09836 points QUESTION 5Refer to Scenario 8.1. Calculate the government revenue from the tariff.$250,000$1.25 million$3.5 million$500,0004.09836 points QUESTION 6The gains from trade creation is likely to be larger for a country if:its import demand curve is relatively elastic.it mainly imports primary products.the country's government sufficie

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