If Australia imposes a tariff on foreign chocolate, how are Australian buyers of chocolate affected?
A) The price they pay for chocolate falls but they consume less chocolate because less is imported.
B) The quantity they consume is unchanged.
C) The price they pay for chocolate falls and they consume more chocolate.
D) The price they pay for chocolate rises.
E) Their demand for chocolate increases because Australian production of chocolate increases.
Correct Answer:
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Q38: Q39: Q40: Australia exports a good if its no-trade Q41: A tariff is Q42: The imposition of a tariff will typically Q44: When a nation exports a good or Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
A) a subsidy granted to