Who Benefits from a Tariff on a Good

question 96

Multiple Choice

Who benefits from a tariff on a good?

• A) Foreign governments
• B) Domestic consumers of the good
• C) Domestic producers of the good
• D) Foreign producers of the good

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Definitions:

Retrospectively

A method of application where the rules or standards are applied to actions, transactions, or situations that have occurred in the past.

Retrospective Restatement

The process of revising previously issued financial statements to correct errors or to reflect changes in accounting policies, as if the new information had been known at the original reporting date.

Material Error

A significant mistake in financial reporting that could influence the economic decisions of users of the financial statements.