Macroeconomics

MCQ - 180-4190

Question:

Which of the following is a consequence of removal of a protective tariff on imported steel?

Imports fall.
Income is transferred from steel consumers to domestic steel producers.
Income is transferred from foreign steel producers to domestic steel producers.
Income is transferred from steel consumers to domestic steel producers.
Aggregate supply is decreased.

Correct Answer: D

Explanation:

Tariffs create inefficiency in the world steel market.

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