The Diagram Below Shows the Demand and Supply Curves for Refrigerators

question 103

Multiple Choice

The diagram below shows the demand and supply curves for refrigerators in Canada.
FIGURE 33-1
-Refer to Figure 33-1.Suppose P0 is the world price.If Canada imposes a tariff causing the price of refrigerators in Canada to rise from P0 to P1,the consequence would be that

• A)both domestic production and domestic consumption would decrease by equal amounts.
• B)domestic production will increase from Q1 to Q2 and domestic consumption will fall from Q5 to Q4.
• C)domestic production will increase from Q1 to Q3 and domestic consumption will fall from Q5 to Q3.
• D)domestic production will exceed domestic consumption.
• E)both domestic production and domestic consumption would increase by equal amounts.

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Definitions:

Postcolonial Africa

The period and circumstances in African countries following the end of colonial rule, focusing on the effects and adaptations after imperialism.

Civil Wars

Armed conflicts between groups within the same country or state, often fought over political power, territory, or cultural differences.

Imperial Powers

Nations or states that possess vast territories or dominions and exert control over other nations or peoples, often through colonization or conquest.

Gross National Product

The total value of all goods and services produced by a country's residents over a specific time period, including international activities.