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

Understand the concept of political power and its relation to social organization.

Assess the role of international relations in promoting or hindering democracy.

Comprehend Max Weber's concept of legal-rational authority and its significance in modern societies.

Identify the components of civil society and their roles in a democratic state.

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Definitions:

Legal Minimum Wage

The lowest hourly, daily, or monthly remuneration that employers are legally allowed to compensate workers.

Equilibrium Rate

The balance point in financial markets or for specific financial instruments, where supply meets demand.

Marginal Workers

Individuals who are employed in a job that does not fully utilize their skills or capabilities, often due to economic fluctuations or lack of available positions.

Real Wages

Wages adjusted for inflation, representing the true purchasing power of income earned from labor.