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What is the effect of an import tariff charged on a particular good?

  • Question 7c of 10 - Tariffs

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: What is the effect of an import tariff charged on a particular good?
  • Answers:
  1. Foreign competitors are given an advantage.
  2. Production costs for producers are increased.
  3. The price paid by consumers is increased.
  4. Wages for immigrants are raised above a minimum.

The correct answer is: The price paid by consumers is increased. Tariffs are charged on imported goods, and the cost of the tariff is passed on to the consumer in the form of higher prices.

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