Refer to the Figure Below to Answer the Following Questions

question 61

Multiple Choice

Refer to the figure below to answer the following questions. Figure 7.3.1
The figure shows the market for shirts in Canada,where D is the domestic demand curve and S is the domestic supply curve.The world price is $20 per shirt.Canada imposes a tariff on imported shirts of $4 per shirt.
-Refer to Figure 7.3.1.The tariff ________ Canada's imports of shirts by ________ million shirts per year.

• A)decreases;16
• B)decreases;8
• C)increases;8
• D)increases;4
• E)increases;16

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Definitions:

Financial Records

Documented information of a business's operations, including income, expenses, assets, and liabilities, used to track financial performance.

Bank Statement

A document or report issued by a bank summarizing transactions in an account holder's account over a specific period.

Deposits

Funds placed into a bank account or towards the purchase of an asset, representing a liability for the bank or a commitment by the buyer.

Liability

A financial obligation or debt owed by a company to another entity, which must be settled in the future through the transfer of assets or services.