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MMLU / Which of the following is a consequence of removal of a protective tariff on…

Problem

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question

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

choices

  1. Imports fall.
  2. Income is transferred from steel consumers to domestic steel producers.
  3. Income is transferred from foreign steel producers to domestic steel producers.
  4. Allocative efficiency is improved.

subject

high_school_macroeconomics

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