Tariffs Are NOT Defended on the Grounds That They

question 1

Multiple Choice

Tariffs are NOT defended on the grounds that they

• A) improve the terms of trade of foreign nations.
• B) protect jobs and reduce unemployment.
• C) promote growth and development of young industries.
• D) prevent over-dependence of a country on only a few industries.
• E) protect domestic producers from foreign low prices.

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Definitions:

Operating Expenses

The costs associated with the day-to-day functions of a business, excluding direct production costs.

Profit

The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Unit

A single, distinct element that forms part of a system, often used for measuring, standardization, or as part of a greater whole.

Invoice

A notice from the seller to the buyer, detailing the items, their quantities, and the prices settled upon for the goods or services supplied.