1. What will happen to the equilibrium price and quantity in a market as a resul
ID: 1120900 • Letter: 1
Question
1. What will happen to the equilibrium price and quantity in a market as a result of a tariff on imports? a. Equilibrium price and quantity should both go up. b. Equilibrium price should go up and equilibrium quantity should go down. c. Equilibrium price should go down and equilibrium quantity should go up. d. Equilibrium price and quantity should both go down. 2. "Beggar thy neighbor" policies in the 1930s a. Attempted to make sure that the economies of trading partners were strong. b. Attempted to lower tariffs on countries that were not primary trading partners. c. Attempted to increase domestic employment by refusing to buy products from other countries d. Were successful in lowering tariffs and increasing global trade. 3. International demand for U.S. dollars originates with a. American demand for imported goods. b. American demand for foreign assets. C. Foreign demand for American products. d. The Federal Reserve Board. 4. When an American purchases an imported good, she createsa a. Demand for U.S. dollars. b. Supply of U.S. dollars. c. Demand for U.S. exports. d. . Supply of foreign currencies (e.g., Japanese yen)Explanation / Answer
1.b) Tariff on imports making them more expensive to domestic consumers, so the price will go up and quantity will go down.
2.c) beggar thy neighbor policies in the 1930s, was attempted to increase domestic employment by refusing to buy products from other countries
3.a) US demand imported goods will raise international demand for US dollars.
4.b) when American purchases an imported good, it creates a supply of US dollar.
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