Refer to the Information Provided in Figure 18

question 151

Multiple Choice

Refer to the information provided in Figure 18.4 below to answer the questions that follow. Figure 18.4
-Refer to Figure 18.4. 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, this country will ________ 250 leather wallets.

• A) buy
• B) sell
• C) import
• D) export

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Definitions:

Average Product

The output per unit of input, such as labor or capital, calculated by dividing total production by the number of input units.

Nonlabor Resources

Assets or inputs in production that are not related to direct human labor, such as machinery, raw materials, and land.

Total Product

The total quantity of output produced by a firm or economy, encompassing all goods and services.

Nonlabor Resources

Inputs in production that do not involve human labor, such as capital, land, and natural resources.