Asked by
Jericho Alvarez
on Dec 12, 2024Verified
As a result of a tariff on imports,
A) imports will fall, exports will fall, and total output will decline.
B) imports will fall, exports will rise, and total output will decline.
C) imports will rise, exports will fall, and total output will expand.
D) imports will rise, exports will rise, and total output will expand.
Tariff on Imports
A levy placed on imported goods and services by a government to shield local industries from overseas competition.
Total Output
The complete quantity of goods or services produced by a company, sector, or economy within a specific timeframe.
Exports
Sales of goods or services produced in one country purchased by residents of another country.
- Assess the prolonged impact of alterations in trade policy on the dynamics of imports and exports.
Verified Answer
RK
Learning Objectives
- Assess the prolonged impact of alterations in trade policy on the dynamics of imports and exports.