As a Result of a Tariff on an Imported Good

question 28

Multiple Choice

As a result of a tariff on an imported good,

• A) domestic producers are better off because they sell more goods at the same price.
• B) domestic producers are better off because they sell more goods at a higher price.
• C) domestic producers are better off because they sell the same quantity of goods at a higher price.
• D) domestic consumers are better off because there are more domestically produced goods available.
• E) domestic consumers are neither better off nor worse off because imports do not change.

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Definitions:

Negative Consequences

Undesirable outcomes or effects that result from an action or decision.

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Various kinds of jobs or professions where individuals engage in specific activities to earn a living or contribute to the economy.

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The necessary resources required to maintain a basic standard of living, including housing, food, healthcare, and education.