Asked by
Ekemini Etukudoh
on Dec 12, 2024Verified
In Figure 17-13, if the world price of a baseball is $3 and a tariff of $1 per baseball is imposed in the United States, how many baseballs will the United States import?
A) 4,000
B) 6,000
C) 8,000
D) 10,000
E) 12,000
Imported
Products or services that are imported from one country into another for the purpose of being sold or utilized.
World Price
The global market rate at which a good can be bought or sold, influenced by supply and demand on an international scale.
United States
A country in North America consisting of 50 states and a federal district, known for its significant influence on world economy, politics, and culture.
- Recognize the impact tariffs have on home prices and quantities within global markets.
Verified Answer
AK
Learning Objectives
- Recognize the impact tariffs have on home prices and quantities within global markets.