Question : 61) If an import quota imposed imports of shrimp into : 1241653

 

61) If an import quota is imposed on imports of shrimp into the United States, U.S. producer surplus from shrimp will ________ and U.S. total surplus from shrimp will ________.

A) increase; increase

B) increase; decrease

C) decrease; increase

D) decrease; decrease

E) increase; not change

 

62) A quota ________ a deadweight loss and a tariff ________ a deadweight loss.

A) creates; creates

B) creates; does not create

C) does not create; creates

D) does not create; does not create

E) might create; might create

 

63) The above figure shows the U.S. market for 1 carat diamonds. With free trade, Americans buy ________ diamonds and pay a price of ________ per diamond.

A) 500,000; $4,000

B) 300,000; $3,000

C) 700,000; $3,000

D) 300,000; $4,000

E) 900,000; $2,000

 

64) The above figure shows the U.S. market for 1 carat diamonds. With free trade, the United States produces ________ diamonds and imports ________ diamonds.

A) 300,000; 600,000

B) 0; 900,000

C) 100,000; 900,000

D) 100,000; 800,000

E) 500,000; 400,000

65) The above figure shows the U.S. market for 1 carat diamonds. Suppose the United States imposes the import quota shown in the figure. With the import quota, how many diamonds can be imported?

A) 500,000

B) 700,000

C) 400,000

D) 900,000

E) 300,000

 

66) The above figure shows the U.S. market for 1 carat diamonds. The free trade, the price in the United States for diamonds is equal to ________ and with the quota illustrated in the figure, the price in the United States is equal to ________.

A) $4,000; $2,000

B) $2,000; $3,000

C) $4,000; $3,000

D) $2,000; $2,000

E) $2,000; $4,000

 

67) The above figure shows the U.S. market for 1 carat diamonds. With free trade, U.S. production of diamonds is equal to ________ diamonds. When the quota illustrated in the figure is in place, U.S. production is equal to ________ diamonds.

A) 100,000; 300,000

B) 100,000; 500,000

C) 300,000; 100,000

D) 300,000; 500,000

E) 900,000; 700,000

68) The above figure shows the U.S. market for 1 carat diamonds. Area B + area D is the

A) decrease in consumer surplus due to the import quota.

B) importers’ profit from the quota.

C) gain in total surplus due to the import quota.

D) deadweight loss from the import quota.

E) increase in producer surplus due to the import quota.

 

69) The above figure shows the U.S. market for 1 carat diamonds. Area A + area B + area C + area D is the

A) deadweight loss from the import quota.

B) importers’ profit from the quota.

C) decrease in consumer surplus due to the import quota.

D) gain in total surplus due to the import quota.

E) increase in producer surplus due to the import quota.

 

70) The above figure shows the U.S. market for 1 carat diamonds. Area C is the

A) decrease in consumer surplus due to the import quota.

B) importers’ profit from the quota.

C) deadweight loss from the import quota.

D) increase in producer surplus due to the import quota.

E) gain in total surplus due to the import quota.

 

 

 

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