For each of the following statements, indicate whether it is true or false for a country that opens up to trade. Statement True False The greater the elasticity of domestic demand for the good it exports, the greater the rise in consumer surplus from trade.       Consumers can still benefit from imports even if domestic demand is perfectly inelastic.       Domestic producers of an imported good can benefit if domestic supply is perfectly inelastic.

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A:

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A: A country will import the good if there is a shortage of that good, it implies as quantity demanded…

Q: Although both tariffs and quotas are tools used to restrict or reduce trade, which of the statements…

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Q: Tariffs and quotas are costly to consumers because   the price of the imported good falls the supply…

A: Hi, thank you for the question. As per the guidelines, we are allowed to attempt only first…

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A: DX= 130-PX SX= -10+PX Unit price of commodity X=10 USD

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