To Measure the Impact of a Tariff on the Total

question 105

Multiple Choice

To measure the impact of a tariff on the total welfare of society, we calculate the:

• A) rise in consumer surplus plus the rise in producer surplus.
• B) rise in producer surplus plus the increase in tariff revenue going to the government minus the loss of consumer surplus.
• C) rise in government revenues plus the rise in consumer surplus.
• D) total number of jobs saved by the tariff times the average wage.

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Definitions:

Low-Paying Employment

Jobs that offer wages below the median or average pay within a given region, often not sufficient to support a standard living cost.

Social Class

A division of society based on economic status, occupation, and education, influencing people's opportunities and lifestyle.

Emergency Room Doctor

A physician specialized in emergency medicine, providing urgent care and lifesaving interventions to patients in the emergency department of hospitals.

On-Call

A status indicating availability to work or respond to work-related inquiries and tasks spontaneously, outside regular working hours, often in emergency situations or to provide services as needed.