Asked by Saarthak Sharma on May 09, 2024
Verified
A U.S. tariff on oil would reduce the domestic quantity of oil supplied.
U.S. Tariff
A tax imposed by the United States government on imports or exports of goods.
Oil
A fossil fuel that is used primarily for energy production and as a raw material in the manufacturing of plastics and other chemicals.
Domestic Quantity
The total amount of a good or service produced within a country's borders and available for consumption or sale in the domestic market.
- Review the impact tariffs and trade regulations have on local markets, concentrating on shifts in prices, imported quantities, and the amount of goods demanded and supplied.
Verified Answer
RM
ricardo mijaresMay 15, 2024
Final Answer :
False
Explanation :
A tariff on oil would make imported oil more expensive, which could increase the demand for domestically produced oil, potentially leading to an increase in the domestic quantity of oil supplied.
Learning Objectives
- Review the impact tariffs and trade regulations have on local markets, concentrating on shifts in prices, imported quantities, and the amount of goods demanded and supplied.