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Q Question 1 10 / 10 pts 1. Define the U.S. Domestic equilibrium price $ 2. Define the U.S. Domestic equilibrium quantity 3. Define the world price $ 4. How many carnations will the US produce in a market open to trade? 5. How many carnations will the US import in a market open to trade? 6. What is the value of the single item tariff placed on the US carnations? 7. How many carnations will the US import under the tariff? 8. How many carnations will the US produce under the tariff? 9. What is the total value of the tariff to the US government? $ 10. If the US market wanted to impose a carnation quota instead of a tariff, how many carnations would the US allow to be imported if the selling price were to be $6.00?

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Answer 1: Correct!8 Correct Answer 8.00 Correct Answer $8.00 Answer 2: Correct!300 Answer 3: Correct!4 Correct Answer 4.00 Correct Answer $4.00 Answer 4: Correct!100 Answer 5: Correct!400