Economics: Market Equilibrium, Price Controls, and Trade Policies
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9 Terms
Who benefits from the price ceiling?
Consumers
Who loses from the price ceiling?
Producers and society (due to deadweight loss)
What type of country can buy or sell as much as it wants in the international market without affecting the price?
Small
What is a per-unit tax on imported goods called?
Specific tariff
What happens to consumer welfare when a tariff is reduced?
Gain
What happens to profits of producers of import-competing goods when a tariff is eliminated?
Decrease
What happens to the quantity of imports when a tariff is eliminated?
Increases
If world price is greater than autarky price, what will the country do?
Export
If autarky price is greater than world price, what will the country do?
Import
