When a Tariff on a Product Is Removed, It Will

question 92

Multiple Choice

When a tariff on a product is removed, it will result in a(n) :

• A)decrease in the supply of a product and a higher price.
• B)increase in the supply of the product and a higher price.
• C)increase in the supply of the product and a lower price.
• D)decrease in the supply of the product and a lower price.

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Definitions:

Economic Goals

Objectives that societies or individuals aim to achieve in order to improve economic well-being, such as growth, efficiency, equity, and security.

Homogeneity

The quality of being made up of elements that are similar or the same, often used in the context of social groups with common characteristics.

Cultural Hybrids

Blends of elements from different cultures creating new, unique cultural forms or practices.

Neoliberal

Relating to a modern politico-economic theory favoring free-market capitalism, deregulation, and reduction in government spending.