Which of the Following Would Increase Prices for U

question 54

Multiple Choice

Which of the following would increase prices for U.S. consumers?

• A)​a tariff on imported automobiles
• B)​an automobile import quota
• C)​a foreign government subsidizing auto production
• D)​(a) and (b) above only

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Definitions:

Tax

A required payment to a governmental authority, derived from income, property, sales, and other sources, used to fund public services and obligations.

Demand Curve

A chart depicting how the price of a product correlates with the amount of it that buyers are prepared and can afford to buy at different price points.

Consumers

Individuals or groups who use goods and services generated within the economy.

Tax

Mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.