-Refer to the Above Diagram,where S_d and D_d Are the Domestic

question 87

Multiple Choice

-Refer to the above diagram,where S_d and D_d are the domestic supply and demand for a product and P_c is the world price of that product.S_d + Q is the product supply curve after an import quota is imposed.The effect of the import quota on domestic price and domestic consumption is:

• A) the same as that of a tariff of P_cP_t.
• B) the same as that of a tariff of P_tP_a.
• C) the same as that of a tariff of P_cP_a.
• D) to raise price by more and reduce consumption less than a tariff of P_cP_t.

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Definitions:

Host-Countries

Nations that host individuals, businesses, or events from other countries, often in the context of international business or sports events.

Hiring

The process of finding, selecting, and employing people to fill job vacancies within an organization.

Power Distance

The extent to which less powerful members of organizations and institutions accept and expect that power is distributed unequally.

Individualism

A social theory favoring freedom of action for individuals over collective or state control.