Refer to the Information Provided in Figure 33

question 101

Multiple Choice

Refer to the information provided in Figure 33.4 below to answer the question(s) that follow. Figure 33.4
-Refer to Figure 33.4. The domestic price of a leather wallet is $20. With free trade the price of a leather wallet is $10 and after a tariff is imposed the price is $15. If there is free trade, this country will import ________ leather wallets.

• A) 50
• B) 100
• C) 200
• D) 300

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Definitions:

Market Value

The existing rate at which an asset or service might be sold or acquired in the trading space.

Replacement Cost

The current cost of replacing an asset with a new asset of similar kind and quality, often used in insurance and accounting.

Cost Of Completion

The estimated expenses that are yet to be incurred to complete an ongoing project or to bring an asset to its intended use.

Market Value

The present cost at which a service or asset is available for purchase or sale in a market setting.