Asked by
Aysha Ghanawi
on Oct 25, 2024Verified
If a country imposes a tariff on imported shoes,we expect the domestic price of shoes to _____ and the quantity of shoes consumed in the domestic market to _____.
A) fall;fall
B) fall;rise
C) rise;fall
D) rise;rise
Domestic Price
The price of goods or services within a country's own market, as opposed to international or export prices.
Imported Shoes
Footwear that is produced in one country and then brought into another country for sale, often reflecting differences in fashion, quality, or price.
Domestic Market
The supply and demand for goods and services within a single country.
- Appraise the implications of tariffs and several trade restrictions on domestic trading arenas.
Verified Answer
KM
Learning Objectives
- Appraise the implications of tariffs and several trade restrictions on domestic trading arenas.