Asked by
Rayna Fares
on Oct 25, 2024Verified
(Figure: A Tariff on Oranges in South Africa) Use Figure: A Tariff on Oranges in South Africa.When the government imposes a tariff on imported oranges,the price of oranges in South Africa rises from PW to PT and the volume of imports falls to:
A) Q2 - Q1.
B) C1 - C2.
C) C1 - Q1.
D) C2 - Q2.
Volume Of Imports
Refers to the total quantity of goods and services brought into a country from abroad over a specific period of time.
Oranges In South Africa
Refers to the cultivation, production, and market dynamics of oranges within the country of South Africa.
Tariff
A tax imposed by a government on goods or services imported from other countries, often used to protect domestic industries.
- Assess the influence of trading restrictions on international and local prices and quantity levels.
Verified Answer
JD
Learning Objectives
- Assess the influence of trading restrictions on international and local prices and quantity levels.