Asked by Aqualaquisha Lebron on May 01, 2024
Verified
If the U.S.government imposed a tariff on imported steel,it would be expected that
A) the quantity of steel used in the United States would decrease.
B) the quantity of steel imported would be reduced.
C) the price of steel would rise.
D) All of the choices are true.
Tariff
A tax imposed by a government on goods and services imported from other countries to raise state revenue or protect domestic industries.
Imported Steel
Steel that is produced in one country and then brought into another country for use in manufacturing or construction.
Quantity
The amount or number of a material or immaterial good considered as a unit or an aggregate.
- Investigate the repercussions of tariffs, quotas, and subsidies on international commerce and home markets.
- Identify and evaluate the factors that contribute to a nation's trade balance and its implications on the economy.
Verified Answer
ZK
Zybrea KnightMay 06, 2024
Final Answer :
D
Explanation :
When a tariff is imposed on imported steel, it increases the cost of importing steel into the US. As a result, the price of steel in the US will rise, leading to a reduction in the quantity of steel used in the US. Additionally, due to the increased cost of importing steel, the quantity of steel imported into the US is likely to decline. Therefore, all of the choices are true.
Learning Objectives
- Investigate the repercussions of tariffs, quotas, and subsidies on international commerce and home markets.
- Identify and evaluate the factors that contribute to a nation's trade balance and its implications on the economy.