If the United States government were to impose a quota on wristwatches imported from Switzerland, then the
A) price of wristwatches in the United States would decrease and total quantity consumed (domestic and imported) would increase.
B) prices of wristwatches in Switzerland would rise, and that's how Switzerland would be hurt by the quota.
C) price of wristwatches in the United States would remain the same, but the quantity would fall as imports fell.
D) total quantity of wristwatches (domestic and imported) purchased would decline as prices rose.
Correct Answer:
Verified
Q254: Assume that a VER (voluntary export restraint)
Q255: Q256: The higher price of imported products due Q257: Q258: Tariffs and quotas are costly to consumers Q260: Assume that a tariff is imposed on Q261: Which of the following is a valid 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