A tariff is imposed on strawberries. The tariff will ___________ the price of strawberries in the domestic market, _____________ the quantity of strawberries imported in the domestic market, and ____________ consumers' surplus
A) raise; lower; lower
B) lower; raise; lower
C) raise; lower; raise
D) lower; lower; raise
A
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All else held constant, if the government places a tax on each gallon of gasoline produced, then this would cause a
A. movement down along the current supply curve of gasoline. B. rightward shift in the current supply of gasoline. C. leftward shift in the current supply of gasoline. D. movement up along the current supply curve of gasoline.
What is the current equilibrium price level and real GDP for the economy illustrated in the figure above? Does this economy have an inflationary gap, a recessionary gap, or neither? As it adjusts toward full employment, which curve shifts?
What is the equilibrium real GDP and price level that the economy will ultimately reach?
A supermarket manager discovers that his generic brand beans are disappearing off of his shelves faster than he can restock them and the premium brand beans are staying on the shelf going unsold
What can we probably say about the current prices of each of these products in relation to the market-clearing price?
Refer to Figure 7-2. Marginal social benefit is represented by which curve?
A) Supply B) D2 C) D1 D) All of the above represent marginal social benefit.