Suppose Canada Eliminates a 15% Tariff on Foreign-Made Leather Goods

question 51

Multiple Choice

Suppose Canada eliminates a 15% tariff on foreign-made leather goods.There will be a ________ in the Canadian price of leather goods,________ profits for domestic leather-goods producers,and ________ in the deadweight loss associated with the tariff.

• A)rise; increased; an increase
• B)fall; decreased; a decrease
• C)rise; increased; a decrease
• D)fall; increased; a decrease
• E)fall; decreased; an increase

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Definitions:

Realistic Accuracy Model

A psychological framework positing that accurate judgment of others' personalities is based on relevance, availability, detection, and utilization of behavioral information.

Critical Behavior

Critical behavior refers to actions or reactions under intense or emergency circumstances which are crucial for resolving situations or crises.

Judge

An official appointed or elected to hear and decide legal cases in a court of law, or an individual making informed conclusions or assessments about something or someone.

Realistic Accuracy Model

A framework in personality psychology that explains how observers can accurately perceive a target person's personality traits through a four-step process: relevance, availability, detection, and utilization of cues.