What are the two key economic concepts introduced in the first section?
Supply and Demand with International Trade (Old Version)

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Business, Social Studies
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11th Grade - University
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Hard
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Monetary and Fiscal Policy
Quotas and Tariffs
Supply and Demand
Inflation and Deflation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Before international trade, what is the consumer surplus if the equilibrium price is $50?
$100
$0
$50
$70
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does international trade affect consumer surplus?
It has no effect on consumer surplus
It eliminates consumer surplus
It increases consumer surplus
It decreases consumer surplus
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of a $5 tariff on the price of a product?
It keeps the price the same
It doubles the price
It increases the price by $5
It decreases the price by $5
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a tariff impact producer surplus?
Producer surplus remains unchanged
Producer surplus increases
Producer surplus decreases
Producer surplus is eliminated
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between a quota and a tariff?
Both have the same effect
A quota limits quantity, a tariff generates revenue
A tariff limits quantity, a quota does not
A quota generates revenue, a tariff does not
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does international trade benefit consumers?
By lowering prices
By reducing choices
By increasing prices
By increasing taxes
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