A tariff is Question 15 options: wheat and 0.5 unit of cloth, whereas residents

Question

A tariff is

Question 15 options:

wheat and 0.5 unit of cloth, whereas residents of Country B can produce 0.3 unit of wheat and 0.4 unit of cloth. Country A should export

Question 4 options:

Question 24 (2 points)

If the foreign exchange rate is 70 cents for one Swiss franc, then

Question 24 options:

A) a subsidy on domestically produced goods. B) the difference between the world market price and the domestic price when a group of firms in an industry collude successfully. C) a tax on imported goods. D) a government imposed restriction on the quantity of a specific good that can be imported into the country and sold.

Explanation / Answer

1.C)   a tax on imported goods

2.A)   wheat and cloth; country B should not export anything.

3.C)   a clock that costs 500 francs will cost $350.00.

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