As a Result of a Tariff on an Imported Good

question 28

Multiple Choice

As a result of a tariff on an imported good,

• A) domestic producers are better off because they sell more goods at the same price.
• B) domestic producers are better off because they sell more goods at a higher price.
• C) domestic producers are better off because they sell the same quantity of goods at a higher price.
• D) domestic consumers are better off because there are more domestically produced goods available.
• E) domestic consumers are neither better off nor worse off because imports do not change.

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Definitions:

Fulfil Potential

Fulfilling potential refers to the process or achievement of reaching one's maximum capabilities and performance in various aspects of life, including personal, professional, and academic areas.

Abraham Maslow

Abraham Maslow was a psychologist known for creating Maslow's hierarchy of needs, a theory in psychology that prioritizes human needs from the most basic to higher levels of psychological development.

Sigmund Freud

A neurologist and the founder of psychoanalysis, a method for treating psychopathology through dialogue between a patient and a psychoanalyst.

Dominant School

The leading or most influential theory, methodology, or practice within a particular field or discipline.