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21.
Good X (unit price)Quantity demanded in the market (unit)Quantity supplied in the market (unit)
$66040
$95545
$125050
$154555
$184060

If the government uses a unit tax instead to fix the output of Good X at 45 units, the unit tax imposed on Good X will be

22.

As shown in the following graph, the government of a certain country has fixed the price of agricultural products at P*.

Question figure

If the price of fertilizers falls, what will happen to the agricultural products? There will be

23.

If the US government cancels the effective import quota restrictions on the textile products from Hong Kong, then the US import price of Hong Kong textile products will _______ and US import spending on Hong Kong textile products will _______.

24.

Suppose the government imposes a per unit sales tax on good X of which the supply is perfectly inelastic. Only _______ will bear the tax burden, and the quantity transacted will _______.

25.

The following table shows the market demand and supply of a good.

Unit Price ($)Market quantity demanded (Units)Market quantity supplied (Units)
1070130
990120
8110110
7130100
615090
517080

If the government provides a per unit subsidy of $3 to the suppliers,

26.
Question figure

Refer to the above diagram. Which of the following statements is correct?

27.

When the Real Madrid football team visited Hong Kong, many people queued up for days for the tickets to watch the game. Some people complained that they were unable to buy a ticket even though they were willing to pay the official ticket price. This implies that

(1)there was only price competition for the ticket.
(2)the official ticket price was set below the market clearing level.
(3)the opportunity cost of obtaining a ticket was higher than its official selling price.
28.

If a country reduces a per-unit tariff on its imported garments,

29.

Answer Questions 11 and 12 by referring to the following market demand schedule of a good.

Price ($)11121314
Quantity demanded (unit)160140120100

Suppose the government imposes a unit sales tax of $3 on the good. As a result, the equilibrium price of the good increases from $12 per unit to $13 per unit. Which of the following descriptions is correct?

30.

Answer Questions 11 and 12 by referring to the following market demand schedule of a good.

Price ($)11121314
Quantity demanded (unit)160140120100

If the equilibrium price of the good falls back to $12 per unit due to a decrease in production cost,

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