When Tariffs on Imported Products Are Removed by a Nation

question 219

Multiple Choice

When tariffs on imported products are removed by a nation, it will result in

• A) higher prices and lower quantities consumed in that nation.
• B) higher prices and higher quantities consumed in that nation.
• C) lower prices and lower quantities consumed in that nation.
• D) lower prices and higher quantities consumed in that nation.

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Definitions:

Expect

To regard something as likely to happen based on available evidence or logical supposition.

Expected Value

The average outcome of a random event when considering all possible outcomes and their probabilities.

Probabilities

Measures of the likelihood or chance that a particular event will occur, expressed as a number between 0 (impossible) and 1 (certain).

Voice-Activated

Describes technology that allows devices to be controlled or operated through voice commands, typically involving a virtual assistant.