Asked by
Tshireletso Motsamai
on Dec 12, 2024
Verified
Which of the following would be expected if the tariff on foreign-produced shoes were decreased?
A) The domestic price of shoes would fall.
B) The supply of foreign shoes to the domestic market would decline, causing shoe prices to rise.
C) The number of unemployed workers in the domestic shoe industry would decline.
D) The demand for foreign-produced shoes would decrease, causing the price of shoes to increase in other nations.
Foreign-Produced Shoes
Shoes that are manufactured outside of one's home country.
Tariff
A tax imposed on imported goods, usually to protect domestic industries or to generate revenue.
- Gain insight into how international trade is influenced by governmental measures including subsidies, tariffs, and quotas.
Verified Answer
CR
Learning Objectives
- Gain insight into how international trade is influenced by governmental measures including subsidies, tariffs, and quotas.
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