Asked by
Theva Priya
on Nov 17, 2024Verified
A tariff increases the quantity of imports and moves the market farther from its equilibrium without trade.
Tariff
A tax imposed by a government on imports or exports of goods, often used to protect domestic industries or generate revenue.
Quantity of Imports
The total amount of goods and services brought into a country from abroad for domestic consumption.
Equilibrium
A condition where the supply and demand in the market are in equilibrium, leading to stable pricing.
- Identify the consequences of trade policies on economic well-being and market balance.
Verified Answer
ST
Learning Objectives
- Identify the consequences of trade policies on economic well-being and market balance.
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