Refer to the Figure Below to Answer the Following Questions

question 14

Multiple Choice

Refer to the figure below to answer the following questions.

The figure shows the market for shirts in Canada, where D is the domestic demand curve and S is the domestic supply curve. The world price is $20 per shirt. Canada imposes a tariff on imported shirts of $4 per shirt.
Figure 31.3.1
-Refer to Figure 31.3.1. The Canadian government's revenue from the tariff is

• A)$64 million.
• B)$32 million.
• C)$128 million.
• D)$48 million.
• E)$480 million.

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Definitions:

FICA Taxes

Taxes funded by both employers and employees to finance Social Security and Medicare benefits, based on earned income.

Term Life Insurance

A type of life insurance policy that provides coverage for a specified period ('term'), offering a death benefit if the insurer dies during that term.

Premium

The amount paid for an insurance policy, often on a monthly, quarterly, or annual basis.

Beneficiaries

Individuals or entities entitled to receive benefits or proceeds from an insurance policy, will, or trust.