What is the primary focus of the demand and supply diagram in a competitive market?

Impact of Tariffs and Trade

Interactive Video
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Business, Social Studies
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10th - 12th Grade
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Easy

Ethan Morris
Used 3+ times
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To assess government revenue
To determine the world price
To calculate consumer surplus
To find the equilibrium price and quantity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is Canada considered a small economy in the context of international trade?
Because it has a large population
Because its consumption and production decisions do not affect world prices
Because it can influence world prices
Because it has a high GDP
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does free trade affect the quantity of goods consumed in a domestic market?
It stabilizes the quantity consumed
It has no effect on the quantity consumed
It increases the quantity consumed
It decreases the quantity consumed
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to producer surplus when goods are imported at a lower world price?
Producer surplus increases
Producer surplus remains unchanged
Producer surplus decreases
Producer surplus doubles
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a tariff?
A discount on exported goods
A tax on imported goods
A fee for domestic consumers
A subsidy for domestic producers
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a tariff affect the price of imported goods?
It decreases the price
It keeps the price the same
It increases the price
It eliminates the price
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the result of a tariff on the level of imports?
Imports are unaffected
Imports decrease
Imports remain the same
Imports increase
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