The meaning of tariff.

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Answer 1

Question

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 18, Problem 7SQ

To determine

The meaning of tariff.

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A tariff is A. a tax imposed on imports. B. any non-subsidy used to increase trade. C. any non-tax action used to restrict trade. D. a subsidy granted to imports.

If a nation that imports a good imposes a tariff, itwill increasea. the domestic quantity demanded.b. the domestic quantity supplied.c. the quantity imported from abroad.d. the efficiency of the equilibrium

Atariff is: a. A limit on the number of foreign goods enteringa country b. A tax on imported goods and services C. A tax on domestic goods and services O d. A limit on the number of foreign goods leaving a county limit on the number of foreign goods entering a country

Answer 2

Question

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 18, Problem 7SQ

To determine

The meaning of tariff.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 18, Problem 7SQ

To determine

The meaning of tariff.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 18, Problem 7SQ

To determine