Refer to the Information Provided in Figure 19

question 86

Multiple Choice

Refer to the information provided in Figure 19.4 below to answer the questions that follow.
Figure 19.4
-Refer to Figure 19.4.The domestic price of a leather wallet is $20.With free trade the price of a leather wallet is $10 and after a tariff is imposed the price is $15.After the tariff is imposed,tariff revenue in this country will be

• A)$50.
• B)$250.
• C)$500.
• D)$750.

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Definitions:

Sample

A subset of a population selected for measurement, observation, or questioning to provide statistical information about the whole.

Mean

Mean is the average of a set of numbers, calculated by dividing the sum of all values in the set by the number of values.

Standard Error

Estimates the variability of sample mean measurements around the population mean, indicating the precision of the sample mean as an estimate of the population mean.

Confidence Interval

Values derived from sample analyses, that fall within a range likely to encompass the parameter of an unseen population.