Exhibit 18-5 
-In Exhibit 18-5, if the world price of a baseball is $3 and a tariff of $1 per baseball is imposed in the United States, how much tariff revenue will the United States government collect?
Definitions:
Dollars
The official currency of the United States, also used in other countries as an official or de facto currency.
Merchandise Trade
involves the import and export of goods between countries without including services, focusing on physical products.
Trade Deficit
A situation where a country's imports exceed its exports during a specific period of time.
Welfare Rolls
A term referring to the list or number of individuals receiving welfare benefits provided by the government.
Q20: The demand for foreign currency in the
Q21: Which of the following groups has the
Q22: In the early 1960s, the discovery of
Q27: An example of a poverty trap is<br>A)extended
Q44: In Exhibit 18-1, the opportunity cost of
Q61: The current account records<br>A)last year's flows of
Q70: Differences in tastes among nations<br>A)make gains from
Q112: The velocity of M1 money has moved
Q161: In Exhibit 18-5, the world price of
Q181: When self-correcting forces cure a contractionary gap,<br>A)money