The Figure Given Below Depicts the Negatively Sloped Demand and Positively

question 106

Multiple Choice

The figure given below depicts the negatively sloped demand and positively sloped supply curves of wheat in a country. Figure 21.2 According to Figure 21.2, if the world price of wheat is $25 and a tariff of $25 is imposed by the domestic government, the total tariff revenue collected by the government is:

• A)$2, 000.
• B)$0.
• C)$200.
• D)$100.
• E)$4, 000

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Definitions:

Cash Account

An account that records all transactions involving cash, including receipts and payments.

Ending Balance

The amount of money remaining in a financial account at the end of a reporting period, after all transactions have been accounted for.

Cash Account

An account that records cash transactions, including cash receipts and disbursements.

Direct Labor Costs

Expenses directly tied to the production of goods or services, which include wages and benefits paid to employees who physically produce a product.