ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Demand, to the left
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Demand, to the right
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Supply, to the left
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Supply, to the right
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Detailed explanation-1: -All other things being equal, when foreign countries impose tariffs on exports of U.S. goods, the increased costs of these goods usually result in lower demand in the importing country, creating a supply surplus in the exporting country.
Detailed explanation-2: -Tariffs are duties on imports imposed by governments to raise revenue, protect domestic industries, or exert political leverage over another country. Tariffs often result in unwanted side effects, such as higher consumer prices.
Detailed explanation-3: -A tariff (a tax on imports) reduces both domestic supply and demand, and results in a quantity of government revenue.
Detailed explanation-4: -When equilibrium quantity decreases and NO change in equilibrium price occurs, then: Demand and supply must have decreased.