Which of the Following Is True of Import Tariffs and Quotas

question 140

Multiple Choice

Which of the following is true of import tariffs and quotas?

• A)They benefit domestic producers.
• B)Domestic consumers gain because they purchase the output of domestic firms.
• C)Specialization and comparative advantage are advanced by tariffs and quotas.
• D)They tend to expand the volume of world trade.
• E)Because they increase the output levels of domestic firms, they tend to lower domestic prices.

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Definitions:

Energizing Commitment

Stimulating a strong dedication or allegiance towards a goal, project, or cause.

Describing A Future State

The process of articulating a vision or detailed description of a desired outcome or situation that an organization or individual aspires to achieve in the future.

Creating A Vision

Creating a vision involves formulating a clear and inspirational idea of what an organization or individual aims to achieve in the future, guiding decisions and actions.

Managing The Transition

The process of guiding and supporting individuals, teams, or organizations through significant changes or developments.