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.

---

Definitions:

Vehicle Reported

Vehicle Reported typically refers to the documentation or registration of vehicles with authorities or in reports, often in the context of accidents, sales, or legal requirements.

Contingent Liability

A potential financial obligation that may arise depending on the outcome of a future event.

Journal Entry

A record in accounting that denotes a business transaction, including information on the accounts affected and whether they are debited or credited.

Footnotes

Additional information provided at the bottom of financial statements to provide more detail or clarify the data presented in the statements themselves.