Final answer:
A revenue tariff is applied with the purpose of raising money for the federal government, whereas a protective tariff aims to protect domestic industries. A tariff reduction on imported goods like flat screen televisions would typically lead to a decrease in the equilibrium price and an increase in quantity sold.
Step-by-step explanation:
The type of tariff that is applied to an import with the purpose of raising money for the federal government is known as a revenue tariff. This is in contrast to a protective tariff, which is aimed at shielding domestic industries by making foreign goods more expensive.
In terms of the effects of a tariff reduction on flat screen televisions, we would expect that the equilibrium price of these TVs would decrease due to increased competition from cheaper imports. Consequently, the quantity of flat screen TVs sold domestically is likely to rise as consumers take advantage of the lower prices.