A Tariff Is a Tax Placed on

question 100

Multiple Choice

A tariff is a tax placed on

• A)an exported good and it lowers the domestic price of the good below the world price.
• B)an exported good and it ensures that the domestic price of the good stays the same as the world price.
• C)an imported good and it lowers the domestic price of the good below the world price.
• D)an imported good and it raises the domestic price of the good above the world price.

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Definitions:

Salary

Regular payment from an employer to an employee, typically expressed on an annual basis but paid monthly or biweekly.

Educational Background

The formal training and education an individual has received, including degrees, certifications, and school attendance.

Efficiency Wage

A theory stating that higher wages lead to greater efficiency and productivity by increasing worker morale, reducing turnover, and attracting more skilled employees.

Equilibrium Wage

The wage rate at which the supply of workers is equal to the demand for workers in the labor market.