When a Tariff Is Imposed on a Good, Domestic Output

question 81

Multiple Choice

When a tariff is imposed on a good, domestic output of the good _____ and government revenue _____.

• A) rises; increases
• B) rises; decreases
• C) falls; increases
• D) falls; decreases

---

Definitions:

Open Innovation

A business strategy that encourages the use of external and internal ideas and collaborations to drive innovation and speed up development processes.

Idea Generation

The process of creating, developing, and communicating new concepts or solutions.

Concept Tests

The evaluation of consumer response to an idea before introducing a product to the market to assess its viability.

New-product Development

The process of bringing a new product to the market, including ideation, design, development, and launch.