If a Nation Imposes a Tariff on Imports, the Portion

question 155

Multiple Choice

If a nation imposes a tariff on imports, the portion of the tax paid by citizens depends upon

• A)elasticity of demand.
• B)elasticity of supply.
• C)how important the good is.
• D)income elasticity.
• E)cross elasticity of demand with domestic products.

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Definitions:

Businesses

Organizations engaged in commercial, industrial, or professional activities with the aim to generate earnings or profit.

Classes

Social categories reflecting differences in economic status, lifestyle, education, and occupational prestige among various groups within a society.

Apartheid System

A policy or system of segregation or discrimination on grounds of race, specifically referring to the former socio-political system in South Africa.

Social Stratification

The arrangement or classification of society into hierarchical layers based on socioeconomic factors like wealth, income, race, education, and power.