A Ban on Imports, a Tariff, or a Quota Raise

question 21

Multiple Choice

A ban on imports, a tariff, or a quota raise the price to domestic consumers. This means that consumers will buy less of the product at a higher price. The loss associated with this is called

• A)production associated loss.
• B)barrier associated loss.
• C)deadweight loss.
• D)trade loss.

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Definitions:

Annual Income

The total amount of money earned or received in a year from employment, investments, or other sources before taxes and deductions.

Symmetrical

Symmetrical refers to an object or design that is evenly proportioned and balanced in size and shape on both sides.

Bell-shaped Distribution

A graphical representation of data where most values cluster around a central region, with fewer and fewer appearing as one moves away towards the extremes; commonly known as a normal distribution.

Normal Curve

A symmetrical, bell-shaped curve that represents the distribution of many types of data where most scores fall near the middle, with fewer scores at the extremes.