Multiple Choice Solutions (2 Viewers)

[brian1]

oh shit misread the question thanks

 

[brian1]

thanks for the help though

 

[oscartired]

For question 20, I put A. Is it not the difference between WP imports (80-20=60) and the tariff of $5 (70-30=40)? = 20?

It was a bit of a tricky question imo.

 

[NotCricket]

For question 20, I put A. Is it not the difference between WP imports (80-20=60) and the tariff of $5 (70-30=40)? = 20?

It was a bit of a tricky question imo.

No, it's not. Think of applying the $5 tariff - how many imports exist at this level? 40
million.

 

[oscartired]

No, it's not. Think of applying the $5 tariff - how many imports exist at this level? 40
million.

"the same effect on domestic output as a $5 tariff". What is the effect on domestic output of a $5 tariff? Imports shrink by 20, right? If the government implemented an import quota of $20m at world price, wouldn't the effect be an increase of 20m in domestic supply?

 

[Rebeccaz]

Could someone please explain how they got B $200 million for question 19?

Thanks

 

[MrTaka]

Ah, relieved think I got 19-20/20, however don't think I went as well in my essays... :[

 

[hi im trash]

16/20, got the last 3 Q and Q2 wrong -.-.

 

[chardy2651]

hey guys what is Q17 isnt it A?

 

[BiasedBuffalo]

Could someone please explain how they got B $200 million for question 19?

Thanks

Note the question is a tariff of $15 ABOVE the market price.

So, at $25, the government earns nothing because the market is solely supplied by the domestic industry.

At $20, the difference between the quantity supplied and the quantity demanded is 20.

The value of the tariff is $10, so 10x20 = $200

 

[obliviousninja]

Too ez

 

[ariannemartell]

Hey can someone please explain 15? I know it doesn't matter anymore but it's going to bother me

 

[LikeaTeapot]

Okay I stuffed up bad:
Q2. I know Australia's part of the G20 but I accidentally coloured in the wrong bubble (was looking at q3) and only realised when they said pens down.
Q15. Read the question as the curve shifting from B to A rather than A to B (don't know how)
Q18. to work out the simple multiplier I kept calculating (370-320=90) (don't ask) and hence wasn't getting any of the answers and quickly guessed the wrong option in the last minute.

I keep making the most ridiculous errors in all my exams (left five marks blank in mathematics) D:

 

[blast92]

15/20, same as trials lol.

 

[ally__powell]

does anyone have a copy of the paper - for multiple choice

 

[Triage]

Note the question is a tariff of $15 ABOVE the market price.

So, at $25, the government earns nothing because the market is solely supplied by the domestic industry.

At $20, the difference between the quantity supplied and the quantity demanded is 20.

The value of the tariff is $10, so 10x20 = $200

Nope. It is $15 above the world price. This is a diagram of the domestic market. Hence, it is the difference between supply and demand that accounts for the tariff.

 

[enigma_1]

Nope. It is $15 above the world price. This is a diagram of the domestic market. Hence, it is the difference between supply and demand that accounts for the tariff.

Wait so what's the answer for this question?

 

[Triage]

Wait so what's the answer for this question?

I agree with $200. I just think that BiasedBuffalo's reasoning was wrong.

 

[photastic]

I agree with $200. I just think that BiasedBuffalo's reasoning was wrong.

Well, wrong reasoning = Correct answer?! :O

So many sillies for the MC. Probs 70 raw atm

 

[enigma_1]

I agree with $200. I just think that BiasedBuffalo's reasoning was wrong.

Omg thank gosh!
Thanks