The effects of a tariff are
A. reduced quantity supplied overall, reduced quantity supplied by domestic producers, and a lower price.
B. reduced quantity supplied overall, decreased quantity supplied by domestic producers, and a lower price.
C. reduced quantity supplied overall, increased quantity supplied by domestic producers, and a higher price.
D. identical to the effects of a quota, except that the price of the good is higher.
Answer: C
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The agreement that established Spain and Portugal's rights to explore various parts of the world was called:
a. the Treaty of Spain. b. the Treaty of Paris. c. the Treaty of Tordezillas. d. the Spanish-Portuguese Covenant. e. the London Accord.
Which of these is the most likely impact of an increase in the wealth of consumers? a. The aggregate supply curve shifts outward
b. The aggregate demand curve shifts outward. c. The aggregate demand curve shifts inward. d. The aggregate supply curve shifts inward. e. Both the aggregate demand and aggregate supply curves shift inward.
If two products are complements, the ________ elasticity of demand is ________.
A. cross-price; negative B. cross-price; positive C. income; positive D. income; negative
In what way do owners of stocks have limited liability?
What will be an ideal response?