Which Is the Correct Statement Regarding Tariffs and Trade Restrictions

question 29

Multiple Choice

Which is the correct statement regarding tariffs and trade restrictions?

• A)Supporters of protective tariffs say they insulate new domestic industries against well-established foreign competitors.
• B)Tariffs are part of a country's legal structure,and thus,cannot established or removed for political reasons.
• C)Countries cannot control their foreign trade by forcing businesspeople to buy and sell foreign products through central banks.
• D)Embargoes are created to encourage the trade of particular products.
• E)Items purchased in different countries cannot have different tariffs if the items are identical.

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Definitions:

General Journal Entries

Written records of day-to-day financial transactions in a company's general ledger, specifying the date, accounts affected, amounts, and details of transactions.

Factory Payroll

The total compensation owed to employees working in a manufacturing facility, including wages, salaries, and bonuses.

Direct Labor

The wages and other costs for labor directly involved in the production of goods or services.

Indirect Labor

Labor costs associated with workers who are not directly involved in producing goods or services, such as maintenance staff and supervisors.