Exhibit 17.2 -Refer to Exhibit 17.2, Which Shows U.S. Demand for and U.S

question 14

Multiple Choice

Exhibit 17.2

-Refer to Exhibit 17.2, which shows U.S. demand for and domestic supply of a good. Suppose the world price of the good is $1.00 per unit, and a specific tariff of $0.50 per unit is imposed on each unit of the imported good. In such a case, the loss of consumer surplus as a result of a tariff of $0.50 per unit is represented by area _____

• A) a.
• B) b + d.
• C) c + i + e + f.
• D) c.
• E) d.

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Definitions:

Equity Sensitivity

An individual’s preference for fairness and equity in their interactions and distributions of resources with others.

Primary Needs

Fundamental human requirements including physiological and safety needs that are essential for survival.

Workforce Entrants

Individuals who are newly entering the job market, either for the first time or after a significant break.

Procedural Justice

The fairness perceived in the processes and procedures used to make decisions and allocate resources.