Australia Is an Importer of Computer Chips and Is Also

question 157

Multiple Choice

Australia is an importer of computer chips and is also a price taker in the chip market.The world price of these computer chips is $25.If Australia imposes a $5 tariff on chips,what would be the price of computer chips and what will happen to the quantity purchased

• A)$20 and the quantity purchased will increase
• B)$20 and the quantity purchased will fall
• C)$25 and the quantity purchased will increase
• D)$30 and the quantity purchased will fall

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Definitions:

Ontologies

In philosophy, refers to the study of being or existence, and in computer science, a structured framework for organizing information or knowledge.

Hinduism

Ancient religion of India that stresses the unity of all being and the ideal of oneness with ultimate reality.

Buddhism

A spiritual tradition and religion founded on the teachings of Buddha, focusing on personal spiritual development and the attainment of a deep insight into the true nature of life.

Octavio Paz

A Mexican poet and diplomat, awarded the Nobel Prize in Literature in 1990, known for his works that explore the nature of individual experience and cultural identity.