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:

Reaction Type

A category defining the nature of chemical reactions based on the rearrangement of atoms and changes in their bonding.

Reaction Type

Refers to the classification of chemical reactions based on their outcome or the change they involve, such as synthesis, decomposition, single replacement, or double replacement reactions.

Iron

A chemical element with symbol Fe and atomic number 26, known for its high strength and magnetic properties.

Limiting Reactant

The reactant in a chemical reaction that limits the amount of product that can be formed because it is used up first.