In 2006, the European Union (EU) threatened to ban imports of long-grain rice because traces of genetically modified rice were found mixed in to commercial supplies. Instead of a ban, suppose the EU placed a tariff on the import of long-grain rice
Which of the following would be an outcome of this tariff? A) The EU would gain tariff revenue.
B) Deadweight loss would decrease.
C) European rice producers would decrease production.
D) The price of long-grain rice in the EU would not change.
A
Economics
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Which of the following is TRUE in perfect competition at long-run equilibrium?
A) P = ATC = MC = MR B) ATC is minimized. C) Economic profit is $0. D) all of the above
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Railroads have received significant attention from regulators because
a. railroads enjoy significant economies of scale. b. conditions in the railroad industry are conducive to destructive competition. c. regulators would like to ensure universal service to all potential railroad customers. d. All of the above are correct.
Economics