Understanding Tariffs and Their Impact on Dairy Prices

What is the primary reason for the potential increase in milk prices discussed in the video?

• General inflation

• Increased demand for dairy

• New tariffs on Canadian dairy products

• Decrease in dairy production

How do trade disputes typically affect consumer prices?

• They cause prices to decrease due to competition.

• They can lead to increased prices for everyday products.

• They only affect the prices of luxury goods.

• They have no impact on consumer prices.

What was the impact of the bird flu outbreak on egg prices?

• Prices remained stable.

• Prices decreased significantly.

• Prices increased by more than 40%.

• Prices increased by 10%.

Which of the following is a suggested strategy to prepare for potential dairy price hikes?

• Switching to imported dairy products

• Buying more dairy products from large retailers

• Exploring plant-based milk alternatives

• Reducing dairy consumption entirely

Why might shopping locally be beneficial in the context of rising dairy prices?

• Local shops have more variety.

• Local shops always have lower prices.

• Local dairy farms may offer more stable pricing.

• Local products are unaffected by international trade.