The following table summarizes two hypotheticalsituations for the US Steel market. The first column depicts thesituation in the presence of a tariff. The second column depictsthe situation with free trade.
                                                                       With                                       Free
                                                                       Tariff                                      Trade
World price ofsteel                                       $400/ton                                 $400/ton
US price ofsteel                                            $600/ton                                 $400/ton
Steel bought inUS                                         10 milliontons                       12 million tons
Steel produced inUS                                     4 milliontons                         2 million tons
20) If the labor input is 2 person-hours per finished ton ofsteel, what is the cost to consumers of steel per domestic steelindustry job saved by the tariffs? (Assume 2000 person-hours = 1job.)
options:
| $100,000 |
| $1,100,000 |
| $50,000 |
| $650,000 |
| $200,000 |
