-Refer to the Diagram Above,where S and D Are the Domestic

question 60

Multiple Choice

-Refer to the diagram above,where S and D are the domestic supply and demand curves for a product.The world price of the product is $6.If the economy is open to international trade but a tariff of $4 per unit is imposed,then the total revenue going to domestic producers would be ________,the total revenue (after tariff) going to foreign producers would be ________,and the tariff revenue going to the government would be ________.

• A) $400;$120;$80
• B) $240;$240;$80
• C) $400;$240;$80
• D) $240;$120;$120
• E) $260;$140;$160

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Definitions:

Finite Population

A population with a limited number of elements or units, making it possible to enumerate all members of the population.

Sample

A subset selected from a larger population for the purpose of investigation or analysis.

Standard Error

A statistical measure that quantifies the accuracy with which a sample distribution represents a population by describing the dispersion of sample means around the population mean.

Population Standard Deviation

A measure of the dispersion of a population’s values from the mean, indicating how spread out the data points are.