If the Import Supply Curve Is Upward-Sloping

question 31

Multiple Choice

If the import supply curve is upward-sloping:

• A) a tariff or quota can increase domestic aggregate surplus.
• B) a quota can increase domestic aggregate surplus, but a tariff cannot.
• C) a tariff can increase domestic aggregate surplus, but a quota cannot.
• D) neither a tariff nor a quota can increase domestic aggregate surplus.

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Definitions:

Private Property

An ownership model where the possession of land, resources, or items is vested in individuals or organizations, distinct from public or state ownership.

Will

A document executed with specific legal formalities that contains a person’s instructions about the disposition of his property at his death.

Transferred

In the context of property or legal rights, refers to the act of moving ownership, authority, or responsibility from one party to another.

Validly Executed

A legal term indicating that a document has been signed and carried out according to the required legal formalities.