The Effect of a Tariff on a Specific Imported Good

question 76

Multiple Choice

The effect of a tariff on a specific imported good on (domestic) consumer and producer surplus can be summarized as follows:

• A)consumer surplus is increased and producer surplus is decreased.
• B)consumer surplus and producer surplus are both increased.
• C)consumer surplus and producer surplus are both decreased.
• D)consumer surplus is decreased and producer surplus is increased.
• E)there is no effect on either consumer or producer surplus.

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Definitions:

Duplication Errors

Mistakes occurring when genetic or textual information is unintentionally copied twice, leading to potential anomalies or redundancy.

Maximum Life Span

The highest age attainable by any member of a species, indicating the absolute limits of biological longevity.

Secondary Aging

Aging that occurs due to controllable factors like poor diet, inactivity, disease, and substance abuse, rather than genetic factors.

Senescence

The process of aging, whereby the body becomes less strong and efficient.