When a Tariff Is Removed from an Imported Product,which of the Following

question 26

Multiple Choice

When a tariff is removed from an imported product,which of the following will occur?

• A) The demand curve for the imported product will shift to the right.
• B) The supply curve for the imported product will shift to the left.
• C) The price paid by consumers will fall.
• D) The level of imports will fall.

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Definitions:

Starting Wage

The initial salary offered to an employee by an employer when they begin a new job.

Excise Taxes

Taxes imposed on specific goods, such as tobacco and alcohol, either as a fixed amount per unit or as a percentage of the price.

Regressive

Relating to a tax system that disproportionately impacts those with lower incomes, or to policies that may reverse political or social progress.

Regressive Tax

A tax imposed in such a way that the tax rate decreases as the taxable amount increases, disproportionately affecting lower-income individuals.