Q1. The average variable cost per acre planted with wheat was $107 per Acres. Assuming a yield of 50 bushels per acre, calculate the average variable cost per bushels per wheat?
Q2. "Trade restrictions will stop foreign imports, which will increase American employment and protect American jobs." Most economists realize this argument is wrong. Can you explain why?
Q3. What impact to decrease the supply of ball-point pens which is imported to the United States have on the domestic price of ball-point pens? Assume the pens are virtually identical regardless of country of origin.