Answer:
<u>The correct answer is C: producer's surplus increases and total surplus decreases in the market for that good</u>. The tariff translates into higher prices on the imported good, which reduces the quantity demanded. Therefore, the total surplus in the market for that good decreases. <u>Domestic production, in turn, will also expand, meaning an increase in producer's surplus. </u>
Explanation:
A tariff hike increases the price of a particular product, and this reduces the quantity demanded while encouraging domestic producers to increase output. <u>In the short run, however, price levels will be higher overall, </u>as domestic producers won't be able to supply the market at the pre-tariff prices. <u>Higher prices reduce total demand, thus decreasing total surplus in the market, but will also benefit local producers, as demand will shift to domestic production due to higher import prices. </u>
The key advisors were called the brain trust
Answer:
<em>Per Capita Income (PCI):</em>
The average income of the people living in the country is the per capita income.
A rise in PCI is an important indicator of economic development
The rise in PCI indicates economic welfare of the country
<em>Per Capita Consumption (PCC):</em>
The increase in consumption of goods and services by the people is measured in PCC.
Example clothing, food, education, health etc
Explanation:
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Deny suffrage to African Americans. i read an article about it a while back so the answer is C