When a Tariff Is Applied to a Good Exported by a Foreign

question 129

Multiple Choice

When a tariff is applied to a good exported by a foreign monopoly
(with no home producer) , the increase in the equilibrium price is
________ the tariff applied.

• A)more than
• B)less than
• C)the same as
• D)more than twice as much as

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Definitions:

Quality Assurance

A systematic approach to ensuring that a product or service meets specified requirements and is of a consistent, high quality.

Quality Plan

A document that specifies quality standards, practices, resources, specifications, and the sequence of activities relevant to a particular product, service, project, or contract.

Controls

Mechanisms or regulations put in place to guide the operation or behavior of a system, process, or organization.

Initiation Phase

The first phase in a project where its feasibility, scope, and objectives are determined, leading to its formal launch.