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Year 12 Economics - Topic 1 - The Global Economy Revision Flashcards | StudBud
Year 12 Economics - Topic 1 - The Global Economy Revision
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Which of the following represents the effect of this tariff on the economy? (Refer to Diagram)
A
Government revenue would be equal to the world price (P1)
B
Domestic production would increase from Q1 to Q4
C
Import volumes would increase from Q2 to Q3
D
The domestic price would increase to the equilibrium price
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