What Is a Tariff? Demonstrate the Effect of a Tariff

question 7

Essay

What is a tariff? Demonstrate the effect of a tariff on equilibrium quantity and price. Does the equilibrium price rise by the amount of the tariff? Why or why not?

Recognize the advantages and disadvantages of recording interviews.

Learn the significance of establishing rapport with the interviewee.

Identify the types of questions used during an interview and their applications.

Know the ethical and legal considerations of conducting interviews.

---

Definitions:

Disposable Income

The financial capacity of households to spend and save, net of income taxes.

Savings

The part of earnings not used for purchasing goods or services, typically saved for investing or future needs.

Disposable Income

Indicates the sum of funds households can allocate towards expenditure and savings once income taxes have been deducted.

Disposable Income

Households' available economic resources for spending and saving post-tax.