1. Canada is considering imposing a tax on imports of Chinese solar panels. This action would be best described as a:

a. subsidy
b. quota
c. voluntary export restraint
d. tariff

2. In general, which of the following is most likely to occur as a result of the proposed tax on imported solar panels?

a. Canadian workers in solar panel manufacturing will be laid off.
b. Solar panel producers in Canada will face more competition.
c. Canadian consumers will benefit from cheaper solar panels.
d. Consumers in Canada will face higher prices for solar panels.

Question

10-02-2025
Business

High School

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1. Canada is considering imposing a tax on imports of Chinese solar panels. This action would be best described as a:

a. subsidy
b. quota
c. voluntary export restraint
d. tariff

2. In general, which of the following is most likely to occur as a result of the proposed tax on imported solar panels?

a. Canadian workers in solar panel manufacturing will be laid off.
b. Solar panel producers in Canada will face more competition.
c. Canadian consumers will benefit from cheaper solar panels.
d. Consumers in Canada will face higher prices for solar panels.

Answer :

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SloanGarrett45 SloanGarrett45 · Answer 1 · 2024-05-22T02:44:39-04:00

The situation you've described, where Canada is considering imposing a tax on imports of Chinese solar panels, can be best classified as a "tariff." The correct option is d.

A tariff is a tax imposed on imported goods, which is intended to protect domestic industries and encourage local production. By implementing a tariff on Chinese solar panels, Canada aims to make them more expensive, thereby promoting the use of domestically produced solar panels instead. This action can help support local businesses and potentially create more jobs within the country.

In contrast, a subsidy is financial assistance provided by the government to support a particular industry, making their products more affordable and competitive. A quota refers to a limit on the quantity of a specific product that can be imported or exported. Lastly, a voluntary export restraint is an agreement between two countries in which the exporting country voluntarily limits the number of goods it exports to the other country.

In summary, the proposed action by Canada to impose a tax on imports of Chinese solar panels would be best described as a tariff.

Know more about the tariff

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