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

Next problem

Struggling with Macroeconomics?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

If a nation imposes a tariff on an imported good, it will increase

The domestic quantity demanded

The domestic quantity supplied

The quantity imported from abroad

All of the above

Next problem

Verified step by step guidance

Understand the concept of a tariff: A tariff is a tax imposed by a government on imported goods. It is designed to increase the cost of imports, making them less competitive compared to domestic products.

Analyze the effect of a tariff on domestic quantity demanded: When a tariff is imposed, the price of the imported good increases. As a result, consumers may demand less of the imported good and more of the domestic substitute, potentially decreasing the domestic quantity demanded of the imported good.

Examine the effect on domestic quantity supplied: With the increase in price due to the tariff, domestic producers may find it more profitable to increase their production, leading to an increase in the domestic quantity supplied.

Consider the impact on the quantity imported from abroad: The higher price of imported goods due to the tariff typically leads to a decrease in the quantity imported, as consumers switch to domestic alternatives.

Conclude by evaluating the overall effects: A tariff generally leads to an increase in domestic quantity supplied, a decrease in the quantity imported, and potentially a decrease in domestic quantity demanded of the imported good, depending on the elasticity of demand.