Nuisance Tariffs

question 46

Multiple Choice

Nuisance tariffs

• A)annoy the importers with red tape and administrative paperwork.
• B)are a historical anomaly.
• C)are fond in developed nations more than in developing nations.
• D)have no point other than to indicate that tariffs regulations change quickly.

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Definitions:

Equilibrium Quantity

The amount of goods or services supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.

Demand Increases

A situation in which the quantity of a product or service that consumers are willing and able to buy at a specific price rises.

Price Restrictions

Regulations or limits placed on the price level for goods and services, often by a government to control inflation or protect consumers.

Excess Demand

A situation in an economic market where the quantity demanded of a good or service exceeds the quantity supplied at the current price.