A Small Country Is Considering Imposing a Tariff on Imported

question 5

Multiple Choice

A small country is considering imposing a tariff on imported wine at the rate of $5 per bottle. Economists have estimated the following based on this tariff amount: $$\begin{array} { l l } \text { World price of wine (free trade) : } & \$ 20 \text { per bottle } \\\text { Domestic production (free trade) : } & 500,000 \text { bottles } \\\text { Domestic production (after tariff) : } & 600,000 \text { bottles } \\\text { Domestic consumption (free trade) : } & 750,000 \text { bottles } \\\text { Domestic consumption (after tariff) : } & 650,000 \text { bottles }\end{array}$$ The imposition of the tariff on wine will cause the surplus of the domestic producers to _____ by _____.

• A)rise; $1 million
• B)rise; $500,000
• C)fall; $2.5 million
• D)rise; $2.75 million

Understand the concept of social stratification and mobility within stratified societies.

Gain knowledge on the advancements in human reproduction technologies.

Grasp the significance and variability of age-based social organizations.

Learn about descent systems, kinship terminologies, and marriage practices across different cultures.

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Definitions:

Equal Status

The condition or state where all individuals within a group or society are regarded and treated as having the same worth and rights.

Common Goals

Objectives or aims shared by a group of people, which often drive collaboration and collective action.

Supportive of Authorities

An attitude or behavior that demonstrates trust and compliance towards individuals in positions of power or authority.

Devine (1989)

A reference to a study or publication by Patricia G. Devine in 1989 on automatic and controlled processes in stereotyping.