1. List and describe 3 nontari barriers to trade.
2. Explain the trade-o s associated with a country pursuing a policy of
self-suciency. Give at least 1 reason for and 1 reason against such a pol-
icy. What sort of global agreement or union might lesson the need for self-
suciency?
3. Consider the supply and demand diagram for bikes below. The base caseis
a world price of $300. The tari is shown in blue. Compared to the base
case, what are the changes in domestic consumer surplus, domestic producer
surplus, and government revenue? (Use the letters and calculate the areas.)
Who might be in favor of this tari , based on your previous answer?
5. In the picture below, identify consumer and producer surplus. Explain
in words what they are. Then calculate them using the area of a triangle
formula.
6. Give two examples of well-known global oligopolies. What conditions
make it possible for a few rms to become dominant in an industry and
create such an oligopoly? Explain.
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