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. With the tariff domestic production is
Definitions:
Revaluation Model
An accounting method that allows for the upward adjustment in the carrying amount of a fixed asset to reflect its current market value.
Exchange Rate
The price at which one currency can be exchanged for another currency in the foreign exchange market.
Balance Sheet
A financial statement that summarizes an organization's assets, liabilities, and shareholders' equity at a specific point in time.
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