The tariff levied in a "large country" (Home), lowers the world price of the imported good. This causes
A) foreign consumers to demand less of the good on which was levied a tariff.
B) domestic demand for imports to decrease.
C) domestic demand for imports to increase.
D) foreign suppliers to produce less of the good on which was levied a tariff.
E) no change in the foreign price of the good it imports.
D
Economics
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In the importing country, the most likely effect of a tariff on a good is to:
A) raise the price and decrease the quantity demanded. B) raise the price and increase the quantity demanded. C) raise the price without affecting the quantity demanded. D) decrease the quantity supplied.
Economics
Refer to Table 7-6. Prior to trade, what was the opportunity cost to produce 1 belt in Estonia?
A) 1/3 of a sword B) 3/5 of a sword C) 1.67 swords D) 5 swords
Economics