A tariff affects imports
A. by limiting quantity and raising price to a higher level.
B. by reducing quantity demanded so that supply falls.
C. by increasing supply, raising price, and reducing demand.
D. by raising price and reducing quantity demanded.
Answer: D
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In the table above, the number of people officially unemployed is ________
A) 40 million B) 6 million C) 4 million D) 2 million
Which of the following is the most likely effect of lower apple juice prices on the price and quantity purchased of orange juice, a substitute product?
A. The price of orange juice will increase, and the quantity purchased will fall. B. The price of orange juice will fall, and the quantity purchased will increase. C. The price of orange juice will increase, and the quantity purchased will increase. D. The price of orange juice will fall, and the quantity purchased will fall.