To Fully Analyze the Effects of a Tariff on Imports

question 34

Multiple Choice

To fully analyze the effects of a tariff on imports of tomatoes,an economist needs

• A) only to know the supply and demand curves in the market for tomatoes.
• B) only to know about supply and demand in the market for tomatoes and in markets for other products tomato farmers grow.
• C) to use general equilibrium analysis.
• D) to use a production possibilities curve.

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Definitions:

Ethical Absolutism

The belief in fixed, universal moral principles that apply to all situations and cultures, without exception.

Principle Of Understanding

A fundamental concept or guideline that aids in comprehending or grasping the nature or meaning of something.

Ethical Standards

Guidelines that dictate the conduct deemed acceptable and moral within a profession or organization.

Moral Wrongdoing

Actions or behaviors that are considered unethical or immoral based on societal or personal moral standards.