Figure 17-13 in Figure 17-13, If the World Price

question 123

Multiple Choice

Figure 17-13 In Figure 17-13, if the world price of a baseball is $3 and a tariff of $1 per baseball is imposed in the United States, how much tariff revenue will the United States government collect?

• A) $4,000
• B) $16,000
• C) $20,000
• D) $24,000
• E) $48,000

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Definitions:

Canadian Pacific Railroad

A historic railway company in Canada, established in the 19th century, playing a significant role in the development of the nation's commerce and industry.

Yield

The income return on an investment, such as the interest or dividends received, often expressed as a percentage of the investment's cost or current value.

Principle Due

The portion of a loan or mortgage payment that reduces the original amount borrowed; it does not include interest or additional fees.

Interest Rate

The percentage of an amount of money charged for its use per a certain period, often annually, by a lender to a borrower.