Economists Consider Tariffs to Be

question 169

Multiple Choice

Economists consider tariffs to be

• A) necessary for the protection of domestic industries and the achievement of full employment.
• B) harmful to domestic consumers.
• C) obstacles that hinder voluntary exchange and gains from trade.
• D) both b and c above

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Definitions:

Tradable Pollution Permits

Government-issued allowances that give the holder the right to emit a specific amount of pollutants; these permits can be bought and sold, creating a market for pollution control.

Emitted Emissions

The pollutants released into the environment as a byproduct of economic activity, such as manufacturing or transportation.

Mercury

A heavy, silvery d-block element that is the only metallic element that is liquid at standard conditions for temperature and pressure.

Tradable Pollution Permits

A market-based approach to controlling pollution by offering a limited number of permits that allow the holder to emit a certain amount of pollutants, which can be bought and sold.