When free trade is allowed, the price of steel in this country is ______ and dom

ID: 1218321 • Letter: W

Question

When free trade is allowed, the price of steel in this country is ______ and domestic consumers purchase ______ tons of steel.

$850; 60

$590; 60

$590; 140

$850; 100

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1 pts

When the country allows free trade, the country ________ a quantity of ______ tons of steel.

exports; 40

imports; 80

exports; 60

imports; 60

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1 pts

With free trade, consumer surplus is _________, and producer surplus is _________, than if the country did not engage in free trade.

lower; lower

lower; higher

higher; lower

higher; higher

1. WHEN FREE TRADE IS ALLOWED, THE PRICE OF STEEL IN THIS COUNTRY IS $590 AND DOMESTIC CONSUMERS PURCHASE 140 TONS OF STEEL.

2. WHEN THE COUNTRY ALLOWS FREE TRADE, THE COUNTRY IMPORTS A QUANTITY OF 80 TONS OF STEEL.

WIT THE FREE TRADE, CONSUMER SURPLUS IS HIGHER,AND PRODUCER SURPLUS IS LOWER, THAN IF THE COUNTRY DID NOT ENGAGE IN FREE TRADE.

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