The Diagram Below Shows the Demand and Supply Curves for Refrigerators

question 146

Multiple Choice

The diagram below shows the demand and supply curves for refrigerators in Canada.
FIGURE 33-1
-Refer to Figure 33-1.Suppose P0 is the world price.If Canada imposes a tariff causing the price of refrigerators in Canada to rise from P0 to P1,the Canadian government will collect tariff revenues equal to

• A)the original price P0,multiplied by the original quantity of refrigerators imported into Canada,Q1Q5.
• B)(P1 - P0)multiplied by the tariff-induced quantity of refrigerators imported into Canada,Q1Q5.
• C)(P1 - P0)multiplied by the tariff-induced quantity of refrigerators imported into Canada,Q2Q4.
• D)the new price,P1,multiplied by the total quantity of refrigerators purchased in Canada,Q4.
• E)the new price,P1,multiplied by the total quantity of refrigerators purchased in Canada,Q2.

Understand the provisions of the Uniform Commercial Code (UCC) related to the sales of goods.

Explain the concept and implications of express and implied warranties under the UCC.

Identify the conditions under which buyers and sellers have the right to reject, revoke acceptance, or demand performance of contracts.

Describe the perfect tender rule and its exceptions.

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Definitions:

DSM-5

The Diagnostic and Statistical Manual of Mental Disorders, Fifth Edition, a handbook used by healthcare professionals as the authoritative guide to diagnose mental disorders.

Cultural Differences

Variations in the customs, values, traditions, and social behaviors of different societies or communities.

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The belief or experience that an individual is inhabited or taken over by a spirit, which can influence their behavior or health.

Stigma

The disapproval or discrimination against a person or group based on perceivable social characteristics that serve to distinguish them from other members of a society.