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- 1. Multiple Choice
WHY ARE TARIFFS USED?
TO PROTECT DOMESTIC JOBS AND INDUSTRIES
TO RAISE REVENUE FOR GOVERNMENT
TO PROTECT STRATEGIC INDUSTRIES
ALL OF THE ABOVE
- 2. Multiple Choice
What is the effect of a tariff on Producer Surplus?
Increases
Decreases
Unchanged
Disappears
- 3. Multiple Choice
What is the effect of a tariff on Consumer Surplus?
Increase
Decrease
None
Disappears
- 4. Multiple Choice
WHAT ARE THE NEGATIVE IMPACT OF TARIFFS
LOWER PRICES
MORE CHOICE
LACK OF DOMESTIC INNOVATION
GREATER CHOICE
- 5. Multiple Choice
WHY WOULD A TARIFF EFFECT INNOVATION?
DOMESTIC FIRMS OVER CONDFIDENCE
LACK OF COMPETITION
BOTH
- 6. Multiple Choice
What is a tariff?
A tax on exported goods
An increase in the price of a good so the store owner makes money
A tax on imported goods
the cost of a good
- 7. Multiple Choice
Why were tariffs created?
To convince Great Britian to stop impressing U.S. sailors
To improve trade between the United States and Great Britian.
To encourage people in the United States to purchase American made goods.
To help the cotton trade in the southern states.
- 8. Multiple Choice
Who has the power to create tariffs?
State governments
Federal government
Store owners
Factory owners
- 9. Multiple Choice
A tax of 20 cents per unit of imported cheese would be an example of a (an):
Compound tariff
Effective tariff
Ad valorem tariff
Specific tariff
- 10. Multiple Choice
A tax of 15 percent per imported item would be an example of a (an):
Ad valorem tariff
Specific tariff
Effective tariff
Compound tariff
- 11. Multiple Choice
Ad valorem tariffs are collected as
fixed amounts of money per unit traded
a percentage of the price of the product
a percentage of the quantity of imports
all of the above
- 12. Open Ended
Please explain the diagram.
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