Which of the Following Chain of Events Occurs When a Tariff

question 243

Multiple Choice

Which of the following chain of events occurs when a tariff is imposed on a good?

• A) Domestic prices rise, shifting the domestic supply curve rightward.
• B) Domestic prices fall, shifting the demand curve rightward, and consumers buy more of the good.
• C) Domestic prices fall, decreasing the domestic quantity supplied and increasing the quantity demanded.
• D) Domestic prices rise, decreasing the quantity demanded and increasing the domestic quantity supplied.
• E) Domestic prices rise, shifting the demand curve leftward and the domestic supply curve rightward.

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Definitions:

Conflict

A struggle or clash between opposing forces, ideas, or interests, either internally within a person or externally between individuals, groups, or nations.

Thomas Nagel

An American philosopher known for his contributions to philosophy of mind, political philosophy, and ethics, particularly famous for the essay "What Is It Like to Be a Bat?".

Bat

A nocturnal, flying mammal, capable of echolocation, belonging to the order Chiroptera, known for their role in pollinating plants and controlling insect populations.

Understand

The ability to grasp the meaning, significance, or nature of something.