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The U.S. has decided to impose a 33% tax on solar panels that are imported from China: This is a tariff This is an import
The U.S. has decided to impose a 33% tax on solar panels that are imported from China:
This is a tariff | |
This is an import quota | |
This will protect the solar industry in the U.S. | |
Both A and C |
The U.S. has decided to impose a 15% tax on cheese that is imported from the European Union.
This will protect the domestic cheese industry | |
This will increase the price of domestic cheese | |
This will reduce the number of imports from the European Union | |
All of the above |
Comparative advantage indicates the idea that one party:
may be able to produce everything relatively more efficiently than another party. | |
may be able to produce something at a lower dollar cost than another party. | |
with an absolute advantage in producing two different may export goods both of those goods to the other party. | |
may be able to produce something at a lower opportunity cost than another party. |
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