Table of contents

1. Introduction to Macroeconomics1h 57m
2. Introductory Economic Models59m
3. Supply and Demand3h 43m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 40m
6. Introduction to Taxes1h 25m
7. Externalities1h 3m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. Introducing Economic Concepts49m
11. Gross Domestic Product (GDP) and Consumer Price Index (CPI)1h 37m
12. Unemployment and Inflation1h 15m
13. Productivity and Economic Growth1h 17m
14. The Financial System1h 37m
15. Income and Consumption52m
16. Deriving the Aggregate Expenditures Model1h 22m
17. Aggregate Demand and Aggregate Supply Analysis1h 18m
18. The Monetary System1h 1m
19. Monetary Policy1h 32m
20. Fiscal Policy1h 0m
21. Revisiting Inflation, Unemployment, and Policy46m
22. Balance of Payments30m
23. Exchange Rates1h 16m
24. Macroeconomic Schools of Thought40m
25. Dynamic AD/AS Model35m
26. Special Topics11m

9. International Trade

Tariffs on Imports

Macroeconomics

9. International Trade

Tariffs on Imports

Previous problem

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Multiple Choice

A tariff on imports benefits domestic producers because

They receive the tariff revenue

It prevents imports from rising above a specified quantity

It reduces their producer surplus, making them more efficient

It raises the price for which they can sell their products in the domestic market

All of the above

Previous problem

Verified step by step guidance

Understand the concept of a tariff: A tariff is a tax imposed on imported goods, which makes these goods more expensive in the domestic market.

Analyze the impact of a tariff on domestic producers: By making imported goods more expensive, domestic producers face less competition from foreign products, allowing them to increase their prices.

Consider the effect on producer surplus: With higher prices, domestic producers can increase their producer surplus, which is the difference between what producers are willing to accept for a good versus what they actually receive.

Evaluate the options given: The correct answer should reflect the primary benefit to domestic producers, which is the ability to sell their products at higher prices due to reduced competition from imports.

Conclude with the correct answer: The primary benefit of a tariff to domestic producers is that it raises the price for which they can sell their products in the domestic market.