Author Question: For most products, Canada is a small economy with no market power in the global market. If Canada ... (Read 41 times)

isam · **on:** Oct 12, 2022

Question 1

The effect of the imposition of a new tariff on some commodity is to ________ domestic production of that commodity and ________ the domestic consumption of that commodity.
◦ leave unaffected; decrease
◦ increase; decrease
◦ increase; increase
◦ decrease; increase
◦ decrease; decrease

Question 2

For most products, Canada is a small economy with no market power in the global market. If Canada imposed a tariff on imported goods from a low-wage foreign country, this would
◦ increase national income in the low-wage country.
◦ reduce the price of the imported good in Canada.
◦ reduce the advantages of specialization and trade.
◦ increase the income of the foreign producer.
◦ equalize the costs of production between the two countries.

reactx · **Reply #1 on:** Oct 12, 2022

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