A Common,but Invalid Argument for Using Tariffs to Maximize National

question 29

Multiple Choice

A common,but invalid argument for using tariffs to maximize national income and raise domestic living standards is to

• A)alter the terms of trade.
• B)keep Canadian currency in Canada.
• C)encourage learning by doing.
• D)create a strategic trade advantage.
• E)exploit economies of scale.

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Definitions:

Wage Rate

The amount of compensation or payment given to an employee for work performed, typically expressed as a rate per hour or piece.

Zinnia

A genus of plants of the sunflower tribe within the daisy family, known for their vividly colored flowers.

U.S. Census Bureau

A principal agency of the U.S. Federal Statistical System responsible for producing data about the American people and economy.

Illegal Immigrants

People who live in or enter a nation without the necessary legal approval or paperwork.