Exam (elaborations)
WGU C211 - Competency 5 Exam Questions And Answers
- Course
- Institution
WGU C211 - Competency 5 Exam Questions And Answers
[Show more]
Seller
Follow
Content preview
WGU C211 - Competency 5 ExamQuestions And Answers
Tariff. - - correct answer ✅Tax on goods produced abroad and
sold domestically(tax on imported goods). A method used to
restrict international trade.
Dead weight loss. - - correct answer ✅The fall in total surplus
that results from a market distortion, such as a tax (new
equilibrium price that is settled for the transaction will be
higher and therefore some burden of this will be passed on to
the consumer)
How are tariff's and dead weight loss related? Explain. - -
correct answer ✅A tariff causes a deadweight loss because a
tariff is a type of tax. Like most taxes, it distorts incentives and
pushes the allocation of scarce resources away from the
optimum. (Oversupply and under demand)
Two primary categories of trade barriers - - correct answer
✅Tariffs and Non-Tariff
If an import tariff is imposed on coconuts that are imported into
the U.S., how will this impact the price of coconuts for U.S.
consumers? - - correct answer ✅Increase the price.
, WGU C211 - Competency 5 Exam
Questions And Answers
Why might a government be interested in imposing an import
tariff on a good? What benefit would the government derive
primarily? - - correct answer ✅The tariff will reduce the
amount of importans, increase the amount of exports. The
primary benefit is that it raises revenue for the government.
How would imposing an import tariff on cigars impact the
domestic production of cigars? - - correct answer ✅Quantity
increases for exporting at world price.
If an import tariff on coconuts was removed in the U.S., how
would this impact the demand for coconuts by U.S. consumers?
- - correct answer ✅The demand would increase.
What would happen to the overall domestic demand for a good
if an import tariff were imposed on that good? - - correct
answer ✅It would increase.
How does a tariff generally impact the following entities:
consumers, producers, government? Compare the effects
between the entities - - correct answer ✅Domestic sellers are
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Cindellera. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now