Continued Tariff Protection for Industries That Have Already Attained All

question 5

Multiple Choice

Continued tariff protection for industries that have already attained all potential economies of scale and possibilities for learning by doing is likely to

• A)increase employment in the protected industries.
• B)reduce average real income for the country's residents.
• C)decrease prices to consumers of the products produced in the protected industries.
• D)redistribute income away from the factors used in the protected industries.
• E)both A and B are correct.

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Definitions:

Moral Idealism

A personal moral philosophy that considers certain actions to be universally right or wrong, independent of the outcomes they produce.

Personal Moral Philosophy

An individual's set of beliefs, values, and principles that guide their understanding of right and wrong and influence ethical decision-making.

Ethical Behavior

Actions or practices conducted in accordance with recognized moral principles or standards, crucial in maintaining trust and integrity in business.

Whistle-blower

An individual who exposes illegal, unethical, or improper conduct within an organization, often risking their own career or well-being.