Suppose the World Price of Widgets Is $5 Each

question 252

Multiple Choice

Suppose the world price of widgets is $5 each.If a widget-importing country imposed a $2 per widget tariff,what price would that country's consumers pay for widgets?

• A) $10
• B) $7
• C) $5
• D) $3
• E) A price that is greater than $5 and less than $7

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Definitions:

Media

Channels or systems of communication that disseminate information, entertainment, or promotional materials to the public.

Asia and Latin America

Two geographically diverse regions known for their rich cultures, histories, and significant economic and political developments in the global context.

Nonmaterial Culture

The norms, laws, customs, ideas, and beliefs of a group of people.

Cultural Hegemony

A concept where the dominant cultural norms and values of a society are imposed by the ruling class as the cultural norm.