1. A tariff is a tax placed on goods coming into a country. That tariff makes the goods more expensive to consumers. Using the law of? demand, explain the effect of the tariff on the demand for these goods. Assume an elastic demand. These are not necessity items.?

  

2. tariff is a tax placed on goods coming into a country. That tariff makes the goods more expensive to consumers. Using the law of? demand, explain the effect of the tariff on the demand for these goods. Assume an elastic demand. These are not necessity items.?

 

3. Briefly explain inflation and? unemployment: include how each is measured and the short run tradeoffs between the two variables

 

4. Relate the contents of the course to events and policies occurring in the real? economy; e.g. business? regulations, social? security, inflation, income inequality and? poverty, free trade versus? protectionism, etc.?

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Impact of Tariffs on Demand 1 Elastic Demand NonEssential Goods The law of demand states that as the price of a good increases the quantity demanded d... View the full answer