A Ban on Imports,a Tariff,or a Quota Raises the Price

question 125

Multiple Choice

A ban on imports,a tariff,or a quota raises 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) productive consumption loss.
• C) consumption distortion loss.
• D) consumer misperception loss.

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Definitions:

Hybrid Cars

Vehicles powered by a combination of an internal combustion engine and one or more electric motors, using less fuel and emitting fewer pollutants than traditional cars.

Rent Controls

Government-imposed limitations on the amount landlords can charge for leasing a property.

Equilibrium Price

The price at which the quantity of a good demanded equals the quantity supplied.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded.