The Figure Below Shows the Demand (D) and Supply (S)

question 13

Multiple Choice

The figure below shows the demand (D) and supply (S) curves of a good produced domestically in an economy as well as traded in the international market.Figure 21.1
In the figure,
P₁: Price of the good in the international market.P₂: Price of the good in the domestic market after the imposition of tariff by the government.P₃: No-trade price of the good in the domestic market.
-Which of the following would result from a tariff?

• A)An increase in government budget deficit
• B)An increase in domestic production
• C)A greater volume of international trade
• D)Increased domestic consumption
• E)Decrease in prices of the imported goods

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Definitions:

Cultural Competency

The ability to understand, appreciate, and interact effectively with people from cultures or belief systems different from one’s own.

Personal Biases

Individual prejudices or preferences that influence one's judgment or decision-making process.

Tolerance

The willingness to accept feelings, habits, or beliefs that are different from one's own.

Individualism

A theory promoting individual liberty over governmental or group restrictions.