1) If the United States imposes a tariff on imported steel, the tariff will
a) decrease the U.S. production of steel.
b) increase the total U.S. consumption of steel.
c) raise the U.S. price of imported steel.
d) decrease employment in the U.S. steel industry.
I think it would be c here.
2) When the U.S. exchange rate falls, U.S. goods become ________ to foreign residents and U.S. exports ________.
a) less expensive; decrease
b) more expensive; decrease
c) less expensive; increase
d) more expensive; increase
I think a, but not sure at all.
3) The effects of tariffs include all of the following EXCEPT
a) tariffs can help specific groups in import-competing industries.
b) tariffs reduce the volume of trade between countries.
c) tariffs generate revenues for the government.
d) tariffs increase the balance of trade in favor of the importing country.
I'm pretty sure it would be b here.
-Thanks for any help.
a) decrease the U.S. production of steel.
b) increase the total U.S. consumption of steel.
c) raise the U.S. price of imported steel.
d) decrease employment in the U.S. steel industry.
I think it would be c here.
2) When the U.S. exchange rate falls, U.S. goods become ________ to foreign residents and U.S. exports ________.
a) less expensive; decrease
b) more expensive; decrease
c) less expensive; increase
d) more expensive; increase
I think a, but not sure at all.
3) The effects of tariffs include all of the following EXCEPT
a) tariffs can help specific groups in import-competing industries.
b) tariffs reduce the volume of trade between countries.
c) tariffs generate revenues for the government.
d) tariffs increase the balance of trade in favor of the importing country.
I'm pretty sure it would be b here.
-Thanks for any help.