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Kryger [21]
3 years ago
14

"Tariffs and other trade restrictions increase the domestic scarcity of products from abroad. Such policies benefit domestic pro

ducers of the restricted products at the expense of domestic consumers." This statement:_______
a. Is essentially correct
b. Contains one error; the trade restraints do not increase the scarcity of foreign-produced good
c. Contains one error; domestic producers gain at the expense of foreign producers rather than domestic consumers
d. Contains two errors; trade restraints do not increase the domestic scarcity of product and neither do they harm domestic consumers
Business
2 answers:
Maksim231197 [3]3 years ago
6 0

Answer:

a. Is essentially correct

Explanation:

When there is restrictions in tariffs and foreign trade, there will be a decrease in the availability of foreign products in the country where the restrictions is made i.e scarcity of the restricted foreign products will increase, This restriction will benefit the domestic producers of the foreign products at the expense of the domestic consumers. The consumers will have no choice other than to patronize the domestic producers. So the statement is essentially correct.

serg [7]3 years ago
4 0

Answer: A

Explanation: Tariffs are imposed on foreign goods that are bought into a country. There are several reasons for the imposition of tariff such as revenue generation for the government, prevention of dumping, and protecting local industries.

When tariffs and other trade restrictions are placed on a product, it increases the domestic prices of such products. This is a blessing to domestic producers selling similar products because there will be an increase in demand for domestic products

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otez555 [7]

Answer:

The correct answer is the option A: impose a tariff only if Canada exports; export only if the United States does not impose a tariff.

Explanation:

On one hand, the best strategy for the United States will be to impose a tariff to Canada only in the case that this last one exports, that meas that if Canada does exports then it will be wise to<em> impose a tariff to collect an amount of money from that action where the goods of Canada will be entering the greater economy of the world</em>.

On the other hand, the best strategy that Canada could take will be to <em>exports only if the United States does not impose a tariff in order to avoid paying any amount of money</em> to the country at the time of trying to enter their goods to U.S' economy.

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3 years ago
Do the forces of supply and demand have any influence on prices set by price-setting systems? explain
vagabundo [1.1K]

Yes, supply and demand affects the changes of prices in a price-setting

system because of law of supply and demand.

The law of supply and demand is an economic theory which explains that  how supply and demand are related to each other. It's a fundamental economic principle that when  the supply exceeds demand  the prices will fall. When demand exceeds supply, prices rise.

If there is an increase in supply for goods and services while demand remains the same, prices always fall to a lower equilibrium price and a higher equilibrium quantity of goods and services.

If there is a decrease in supply of goods and services while demand remains the same, prices tend to rise  and a lower quantity of goods and services.

The same inverse relationship is applicable  for the demand for goods and services. However, when  the demand increases and supply remains the same, the higher demand will  lead to a higher equilibrium price and vice versa.

To know more about law of supply and demand here:

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8 0
2 years ago
Help me please!
Lady_Fox [76]
Gathering information is the right answer C
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3 years ago
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Answer:

Balance in the Allowance Account : $1600

Please see details below:

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When the company recorded bad debt expenses:

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