If an Import Tariff Is Reduced, the Domestic Quantity Demanded

question 117

Multiple Choice

If an import tariff is reduced, the domestic quantity demanded is ____ and the quantity supplied domestically is ____, ____ the quantity of goods imported.

• A)​greater; lower; reducing.
• B)​lower; greater, reducing.
• C)​greater; lower; increasing.
• D)​lower; greater; increasing.

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Definitions:

Karl Marx

A 19th-century philosopher, economist, and political theorist known for his critical analysis of capitalism and his theories about communism.

Demographic Transition

The process of change in a society's population from high birth and death rates to low birth and death rates, often associated with economic development.

Deaths

The termination of all biological functions that sustain a living organism.