Suppose That a Tariff Is Imposed on Imported Cheese

question 31

Multiple Choice

Suppose that a tariff is imposed on imported cheese.This will have the effect of __________ the price of cheese,__________ consumers' surplus,and __________ producers' surplus.

• A) increasing; increasing; increasing
• B) decreasing; decreasing; decreasing
• C) increasing; increasing; decreasing
• D) increasing; decreasing; increasing
• E) decreasing; decreasing; increasing

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Definitions:

Human Behavior

The range of actions and mannerisms exhibited by humans in conjunction with their environment, themselves, and other humans.

Systematic Mistake

Refers to consistent, predictable errors made by individuals or systems due to flaws in the decision process or design.

Consumer Reports

Independent evaluations and reviews of consumer products and services.

Ultimatum Game

A game in economic experiments where one player proposes how to divide a sum of money with another player who then can accept or reject the offer.