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Why would the US government want to make imported goods more expensive to buy?
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How would countries attempt to maintain a favorable trade balance?
They would export more goods than they imported.
If two goods are complements?
I thought the question would fit for Government. Not math.
Suppose that the government reduces taxes on imported consumer goods. Use the model of aggregate demand and aggregate supply to explain what would happen to the price level and the output level of the economy in the short run?
The model of aggregate demand and aggregate supply can be used to explain what would happen to the price level and output level of the economy in the short run if the government reduces taxes on imported consumer goods. This can be illustrated with a diagram. In the diagram, the aggregate demand (AD) curve is downward sloping and the aggregate supply (AS) curve is upward sloping. The equilibrium price level is determined by the intersection of the two curves. Initially, the equilibrium price level is P1 and the equilibrium output level is Y1. When the government reduces taxes on imported consumer goods, the aggregate demand curve shifts to the right. This shift is represented by the movement from AD1 to AD2 in the diagram. The new equilibrium price level is P2, which is lower than the original price level. The new equilibrium output level is Y2, which is higher than the original output level. In summary, the reduction in taxes on imported consumer goods leads to a decrease in the price level and an increase in the output level in the short run. This is due to an increase in aggregate demand.
Which theory of distributive justice would be most opposed to government involvement in the distribution of goods?
Egalitarian
What situations would not be supported by a government practicing a mercantilist economic system?
the country's navy uses only imported wood and steel to build its ships
When would the government most likely charge you a tariff?
The government would most likely charge you a tariff when you import goods into the country from another nation. Tariffs are taxes levied on imported products, meant to make them more expensive and protect domestic industries.
What government actions would violate the principles behind GATT and the WTO?
increasing tariffs on imported goods
What did local merchants hold against import ed goods?
Local merchants would boycott imported goods.
What is the name for the tax imposed on ships?
It would have to be the TARIFF taxes on imported goods
Why would Europe and other countries place a tariff on processed and manufactured goods?
Tariffs are taxes on imported or exported goods. They are usually placed on imported items to make these items more expensive than products made in the country, so consumers would buy homemade materials. For example, if all of a sudden more Brazilians started buying more American cars, Brazil might place a tariff on American cars, which would make the price of Brazilian cars less expensive to appease to consumers.
What do you call goods bought from another country?
exportsAdded; Goods sold TO other countries would be EXPORTS. Goods FROM other countries sold here would be imports.
What are the benefits of using tariffs over taxes to generate revenue for the government?
There are pluses and minuses in using tariffs for revenue to operate the government. Firstly, tariffs would not be enough to cover the cost of running a government in most cases. Secondly, if Country A places tariffs on goods being imported into their country, then all other Countries will also place such tariffs on goods imported into their Countries from Country A. These costs will of course be passed on to the purchasers of these imported goods inside all the Countries so the costs will still be passed on the people as they buy goods. One good outcome is it will make Country A's goods produced in Country A more competitive for the buyers within Country A. But it will also make their exported goods more costly in other Countries when they try to sell them there. And around and around we go.
How would countries attempt to maintain a favorable trade balance?
They would export more goods than they imported.
How would countries attempt to maintain favorable trade balance?
They would export more goods than they imported.
What would the Union accomplish if it could gain control of the Mississippi River?
The Union could have successfully blockaded all the ports the Confederacy needed to ship supplies and troops in and out.
BEST represent the effect of an embargo on trade with China?
Prices for goods usually imported from China would rise.
How did liaises government policies encourage the growth of American businesses?
Federal, state, and local governments helped encourage business expansion by favorable laws and subsidies. For example, they granted land to railroads and farmers. They also passed higher and higher tariffs so that imported goods would be more expensive and, less competitive with the ones already made in the U.S
