The Recommendation of Early Economists Such as Smith and Ricardo

question 222

Multiple Choice

The recommendation of early economists such as Smith and Ricardo to the British government was to

• A)develop a policy that protects strategic domestic industry.
• B)use trade barriers only to protect agricultural industries.
• C)develop a policy to increase trade barriers.
• D)use trade barriers only to protect infant industries.
• E)develop a policy to reduce trade barriers.

---

Definitions:

War Of 1812

A military conflict between the United States and Great Britain from 1812 to 1815, primarily over British restrictions on U.S. trade and America's desire to expand its territory.

Treaty

A formal agreement between two or more sovereign states, usually regarding peace, alliances, trade, or other international relations.

Standard Error

A measure of the variability or precision of a sample statistic as an estimate of a population parameter.

Credit Sales

Transactions where goods or services are provided to a customer with an agreement to pay later.