The figure below shows the demand (D) and supply (S) curves of cocoa in the U.S.Figure 21.4

-Tariffs are considered to be a popular tax in the first world countries who justify them on the basis of the revenue they generate for government spending.

Question

The figure below shows the demand (D) and supply (S) curves of cocoa in the U.S.Figure 21.4
 
-Tariffs are considered to be a popular tax in the first world countries who justify them on the basis of the revenue they generate for government spending.

Quizplus · Accepted Answer

Tariffs are often controversial and not universally popular in first world countries; they are justified more on the grounds of protecting domestic industries rather than generating revenue for government spending.

The Figure Below Shows the Demand (D) and Supply (S)