Author Question: If the United States imposes a tariff on imported steel, the tariff will A) raise the U.S. price ... (Read 177 times)

cdr_15 · **on:** Jun 29, 2018

If the United States imposes a tariff on imported steel, the tariff will

A) raise the U.S. price of imported steel.
B) decrease the U.S. production of steel.
C) increase the total U.S. consumption of steel.
D) decrease employment in the U.S. steel industry.

Question 2

If Sam wants to increase her total revenue from her sales of flowers and she knows that the demand for flowers is price elastic, she should

A) lower her price to increase the demand and shift the demand curve rightward.
B) raise her price because she knows that the quantity demanded will also increase.
C) raise her price because she knows that the percentage decrease in the quantity demanded will be smaller than the percentage increase in price.
D) lower her price because she knows that the percentage increase in the quantity demanded will be greater than the percentage decrease in price.