Tariffs Are Different from Quotas Because They

question 209

Multiple Choice

Tariffs are different from quotas because they

• A)increase government revenue.
• B)increase profits.
• C)increase the quantity traded.
• D)place all the burden on foreigners.

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Definitions:

Indifference Curve

An indifference curve represents a graph showing different combinations of two goods that provide the consumer with the same level of satisfaction or utility.

Apples

A common fruit that is edible, coming in various varieties and used both for eating raw and in cooking.

Bananas

A long, curved fruit with a soft, edible inner part and a yellow skin when ripe, commonly eaten as a snack or used in cooking and baking.

Utility Function

In economics, a representation of preferences over a set of goods and services by assigning values, indicating the level of satisfaction or utility derived from them.