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question 167

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Use the following to answer questions:
Figure: International Trade 3 Use the following to answer questions: Figure: International Trade 3   -(Figure: International Trade 3)  Refer to the figure. If the government in this diagram eliminates all imports with a tariff, the value of the lost gains from trade is: A)  $4.50. B)  $81. C)  $27. D)  $36.
-(Figure: International Trade 3) Refer to the figure. If the government in this diagram eliminates all imports with a tariff, the value of the lost gains from trade is:


Definitions:

Specialize And Trade

The economic practice where individuals or entities focus on the production of a limited range of goods or services to gain efficiency and then trade with others to meet their needs.

Import

The act of bringing goods or services into a country from abroad for sale.

Radios

Devices for receiving and sometimes transmitting sound waves over distances using electromagnetic waves.

Specialize And Trade

A concept in economics where individuals or nations focus on the production of a limited range of goods at which they are most efficient, and then trade with others to meet their diverse needs and wants.

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