If a Tariff Is Imposed on Imports of Shrimp into the United

question 77

Multiple Choice

If a tariff is imposed on imports of shrimp into the United States,U.S.consumer surplus from shrimp will ________ and U.S.producer surplus from shrimp will ________.

• A) increase; increase
• B) increase; decrease
• C) decrease; increase
• D) decrease; decrease
• E) increase; not change

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to allocate revenue and expenses to the period in which they actually occurred.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate revenue and expenses to the appropriate periods.

December Rent

A specific expense related to the leasing of property or space that is due in the month of December.