Asked by Chelsea Valencia on May 10, 2024
Verified
A U.S. tariff on steel would increase the domestic quantity of steel demanded.
U.S. Tariff
Taxes imposed by the United States government on imported goods to protect domestic industries or to generate revenue.
Steel
A hard, strong alloy made primarily of iron and carbon, often used in construction and manufacturing.
Domestic Quantity
The amount of a product or service produced within a country's borders.
- Scrutinize the influence that tariffs and trade guidelines exert on domestic markets, particularly in relation to alterations in prices, imports, and the levels of goods demanded and provided.
Verified Answer
JH
Jeslie HernandezMay 16, 2024
Final Answer :
False
Explanation :
A U.S. tariff on steel would increase the price of imported steel, making domestic steel relatively cheaper and thus increasing the domestic quantity of steel supplied, not necessarily the quantity demanded.
Learning Objectives
- Scrutinize the influence that tariffs and trade guidelines exert on domestic markets, particularly in relation to alterations in prices, imports, and the levels of goods demanded and provided.