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1

Refer to Figure 10.11 to answer this question. At the world price, how much is Smith Island trading?
A)It is importing 30 units.
B)It is importing 40 units.
C)It is exporting 30 units.
D)It is exporting 40 units.
2

Refer to Figure 10.11 to answer this question. If Smith Island introduced an import quota of 20, what would be the new price of cloth in Smith Island?
A)$55
B)$60
C)$70
D)$90
3

Refer to Figure 10.11 to answer this question. If Smith Island introduced an import quote of $20, how much would be imported?
A)0 units
B)10 units
C)20 units
D)40 units
4

Refer to Table 10.14 to answer this question. What is the world (free trade) price of kumquats, and what quantity of this product is being consumed domestically?
A)$4 and 50 kilos
B)$4 and 90 kilos
C)$5 and 80 kilos
D)$6 and 70 kilos
E)$6 and 130 kilos





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