Suppose a Government Is Considering Imposing Either a Tariff or a Quota

question 149

Multiple Choice

Suppose a government is considering imposing either a tariff or a quota on imported grain, and either policy will result in exactly 750 tons of grain being imported. How do these policies
Differ?

• A) The price of grain under the tariff will be higher than the price under the quota.
• B) The price of grain under the quota will be higher than the price under the tariff.
• C) Domestic production will be higher with the quota than with the tariff.
• D) The quota will generate revenue for the firms that hold import licenses, while the tariff will generate revenue for the government.

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Definitions:

Uniform Price

A pricing strategy where goods or services are sold at the same price to all customers, regardless of the quantity purchased.

Unit-Elastic

Denotes a situation where a one percent change in price leads to an equal one percent change in quantity demanded or supplied.

Price Ranges

Price ranges refer to the spectrum of potential selling prices for goods or services in a market, reflecting minimum and maximum values.

Price Elasticity Of Supply

The ratio of the percentage change in quantity supplied of a product or resource to the percentage change in its price; a measure of the responsiveness of producers to a change in the price of a product or resource.