refer to the figure. what is the dollar value of the producer course hero

Which is greater, the gains to American producers or the losses to American consumers?

the gains to American producers are greater than the losses to American consumers.

How many units does the price of food increase after international trade?

After international trade, price stays the same and consumption increases by 8 units.

What does it mean to have tariffs on a good?

A tariff on a good when the world price is lower than the domestic price leads to: tariff revenues that will be lower than under free trade. domestic imports that will be higher than under free trade. lower domestic consumption of the good than under free trade.

What is a trade quota?

A trade quota is: a restriction on the quantity of goods that can be imported. a tax on imports. a tax on exports. the restriction of trade through regulations on domestic producers. a restriction on the quantity of goods that can be imported. A quota caps the quantity of an import. True.

Is domestic production protected from international competition?

both domestic producers and consumers are protected from international competition.

Who has a comparative advantage in the production of donuts?

a. Shawn has a comparative advantage in the production of donuts.

Why is Teeveeland less than it would be in the absence of trade?

Less than it would be in the absence of trade because Teeveeland has an absolute advantage in both goods and so would lose if it trades with Radioland. c. Less than it would be in the absence of trade because neither country is specializing in the product for which it has a comparative advantage. 31.

Do all companies have the same opportunity cost?

a. they have exactly the same opportunity cost.

Is it possible to increase world output of all goods?

a. It is possible to increase world output of all goods.