When a tariff is? imposed, the supply curve for the imported good
A) shifts downward and to the right.
B) shifts upward and to the left.
C) does not change.
D) becomes perfectly inelastic.
B) shifts upward and to the left.
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Refer to the scenario above. Which of the following would have happened if the government had decided to provide an export subsidy on these cash crops?
A) The volume of exports would have decreased. B) The government's revenue would have increased. C) Domestic producers would have been better off. D) Domestic consumers would have been worse off.
A market structure in which there is only one buyer is
A) a monopoly. B) a monopsony. C) an oligopoly. D) a competitive market.
Which of these activities will most likely impose an external cost?
a. An athlete works out at a gym. b. A secretary smokes a cigarette in a crowded break room. c. A young mother pushes her baby in a stroller. d. A construction worker eats a hotdog during his lunch break.
Macroeconomics first developed as a new subfield of economics:
A. as a result of Adam Smith's publication of The Wealth of Nations in 1776. B. in response to the severe economic hardships of the Great Depression. C. when Adolf Hitler ordered economists to learn more about national economies. D. following the oil price increases of the 1970s.