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"economics"exercise:Demand and supply song

来源: USDT官网 编辑:小鞠橘桔 2020/12/23 10:09:30 字体:

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Questions 1:

The diagram below shows the domestic demand and supply curves for a country that imports a commodity, where PW is its world price and PT is its domestic price after the imposition of a tariff.

economics exercise:Demand and supply song

The gain in government revenues arising from the imposition of the tariff is best described by area(s):

A、 L.

B、 J.

C、 K + M.

Questions 2:

An Australian firm purchases a patent for USD20,000 and machinery for USD21,500 from a US firm when the exchange rates are as follows:

economics exercise:Demand and supply song

The impact of these transactions on the capital account of Australia is closest to:

A 、 AUD19,225.

B 、AUD39,891.

C、 AUD20,667.

View answer resolution
【Answer to question 1】A

【analysis】

A is correct. With the imposition of the tariff, domestic supply will increase from Q1 to Q2, but domestic demand will fall from Q4 to Q3. The net amount imported will be Q3 – Q2. The change in government revenues is Area L, which is the rectangle (Q3 – Q2) × (PT – PW). 

B is incorrect. It is the gain in producer surplus. 

 C is incorrect. It is deadweight loss.

【Answer to question 2】A

【analysis】

A is correct. The purchase of machinery is an import and affects the current account, not the capital account, so it is ignored. The purchase of a non-produced, non-financial asset such as a patent affects the capital account. The impact on the capital account in AUD is: USD20,000 × (1EUR/1.29USD) × (AUD1.24/1EUR) = 19,225AUD 

C is incorrect. It includes the machinery purchase in the capital account instead of the patent. USD21,500 × (1EUR/1.29USD) × (AUD1.24/1EUR) = 20,667

B is incorrect. It includes both machinery and patent. USD41,500 × (1EUR/1.29USD) × (AUD1.24/1EUR) = 39,891AUD

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