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Problem

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question

Which of the following is a consequence of a protective tariff on imported steel?

category

economics

options

  1. Domestic steel producers lose revenue.
  2. Allocative efficiency is improved.
  3. It results in a decrease in domestic steel production.
  4. Income is transferred from domestic steel consumers to domestic steel producers.
  5. Domestic steel prices fall.
  6. Net exports fall.
  7. The quality of domestic steel decreases.
  8. Foreign steel producers gain market share.
  9. Income is transferred from domestic steel to foreign steel producers.
  10. It encourages foreign trade partnerships.

src

ori_mmlu-high_school_macroeconomics

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