As a result of U.S.tariffs imposed on wool from New Zealand,the quantity of this wool that is imported has
A) decreased.
B) increased a little.
C) not changed.
D) increased a lot.
E) changed but whether it has increased or decreased is ambiguous.

Question

Quizplus · Accepted Answer

Tariffs are a tax on imported goods, designed to make them more expensive for consumers in the importing country. Therefore, when tariffs are imposed on a particular product, it becomes less competitive with domestically produced items, leading to a decrease in the quantity of imported goods. In this case, the U.S. tariffs on wool from New Zealand would have made that wool more expensive for U.S. consumers, leading to a decrease in the quantity of wool imported from New Zealand.

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