If a Country Removes a Tariff on Imported Shoes,we Expect

question 34

Multiple Choice

If a country removes a tariff on imported shoes,we expect the domestic price of shoes to _____ and the quantity of shoes consumed in the domestic market to _____.

• A)fall;fall
• B)fall;rise
• C)rise;fall
• D)rise;rise

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Definitions:

Information Age

The current era characterized by the rapid creation, sharing, and manipulation of information, largely facilitated by digital technology.

Development of Computers

The historical and ongoing advancement of computer technology, from early mechanical calculators to modern digital computers.

Productivity Growth

Productivity growth refers to an increase in the efficiency of production or output per unit of input, typically measured over time and considered crucial for economic development.

Technological Change

The process of invention, innovation, and diffusion of technology or processes which significantly alters the way goods or services are produced.