Asked by Justene Hirsig on May 21, 2024
Verified
A tariff shifts the ___________ curve to the __________.
A) demand;right
B) demand;left
C) supply;right
D) supply;left
Tariff
A tax on imported goods.
Shifts
refers to movements or changes in economic indicators, demand/supply curves, or other economic paradigms, often due to external factors.
- Scrutinize the impact of tariffs, quotas, and alternative trade barriers on international exchange and domestic economies.
Verified Answer
JW
Jordyn WilliamsMay 25, 2024
Final Answer :
D
Explanation :
A tariff increases the cost of production for imported goods, which decreases the quantity supplied by foreign producers. This results in a decrease in supply, shifting the supply curve to the left.
Learning Objectives
- Scrutinize the impact of tariffs, quotas, and alternative trade barriers on international exchange and domestic economies.