Which of the following will NOT occur when a tariff is imposed on an imported product?
A. The price paid by consumers will rise.
B. The price received by importers will fall.
C. The level of imports will fall.
D. The demand curve for imports will shift to the left.
Answer: D
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Buying insurance and then never making a claim:
A. is considered by economists to be irrational behavior. B. means buying the insurance was a bad decision. C. does not mean buying the insurance was a bad decision. D. is a poor use of money.
Which of the following are implicit costs for a typical firm?
a. Insurance costs. b. Electricity costs. c. Opportunity costs of capital owned and used by the firm. d. Cost of labor hired by the firm. e. The cost of raw materials.
Figure 17-10
Refer to . With the tariff, the domestic price and domestic quantity demanded are
a.
P1 and Q1.
b.
P1 and Q4.
c.
P2 and Q2.
d.
P2 and Q3.
If the price of Alpo increases from $0.50 to $1, Mr. Tightwad, a utility-maximizing consumer, would spend his $4 on which of the following?AlpoMcBurgersCans Consumed per DayTotal utility (Units of utility)McBurgers Consumed per DayTotal utility (Units of utility)000017116213228316336417440
A. 4 McBurgers B. 1 McBurger and 3 cans of Alpo C. 2 McBurgers and 2 cans of Alpo D. 3 McBurgers and 1 can of Alpo