Which of the following describes a tariff? (1 point) The U.S. government is considering implementing a tariff on processed vegetables imported from India. Assuming that the O The U.S. limits the number of imported machinery U.S. is an importer of processed vegetables, which of the from the United Kingdom. following correctly explains the impact on the U.S. market? (1 point) O The U.S. taxes each piece of machinery imported from the United Kingdom. The quantity of processed vegetables demanded The U.S. pays U.S. producers for every piece of O will fall since the tariff will raise the domestic O machinery exported to the United Kingdom. market price above the world price. O The U.S. bans imports and exports of machinery to The quantity of processed vegetables demanded and from the United Kingdom. will rise since the tariff will lower the domestic market price below the world price. A country currently imports 10 million units of a good at a price The quantity of processed vegetables demanded of $10 for each unit. If the government imposes an import quota of 8 million units, which of the following is likely to result? will fall since the tariff will lower the domestic (1 point) market price below the world price. The quantity imported will increase, and the per- The quantity of processed vegetables demanded O unit price will decrease. O will rise since the tariff will raise the domestic market price above the world price. O The quantity imported will increase, and the per- unit price will increase. Which sentence describes the most likely effect of a U.S. tariff on The quantity imported will decrease, and the per- imports? (1 point) unit price will increase. increased sales for foreign producers The quantity imported will decrease, and the per- unit price will decrease. O reduced trade barriers for foreign producers Canada has voluntarily reduced its exports of Canadian steel to O more variety and lower prices for American Japan. Which of the following would have a similar effect on the consumers quantity imported and the price paid for Canadian steel by Japanese producers? (1 point) O less variety and higher prices for American consumers O Canada implements an export subsidy on Canadian steel. O Canada implements a tariff on Japanese steel. Japan implements an import quota on Canadian O steel. O Japan implements a voluntary export restraint on Japanese steel