If Protective Import-Restricting Tariffs Are Imposed by a Country,in the Vast

question 9

Multiple Choice

If protective import-restricting tariffs are imposed by a country,in the vast majority of cases the consumers end up

• A)paying a higher price for the good than they otherwise would.
• B)paying a lower price for the good than they otherwise would.
• C)consuming more of the good than they otherwise would.
• D)having a higher standard of living than they otherwise would.

---

Definitions:

Government Contracts

Government contracts are agreements between businesses and government entities for the provision of goods and services.

Herfindahl-Hirschman Index

A measure of market concentration used to evaluate the potential for anti-competitive behavior, calculated by summing the squares of the market shares of all firms within the industry.

Industry

A collective term for all manufacturing and production activities within an economy.

Firm(s)

Business entities involved in commercial, industrial, or professional activities, aiming to generate profits from their operations.