Almost All Economists Agree That Tariffs and Import Quotas

question 4

Multiple Choice

Almost all economists agree that tariffs and import quotas

• A)reduces general economic welfare.
• B)increases general economic welfare.
• C)have no effect on general economic welfare.
• D)stimulate a less than fully employed economy.

---

Definitions:

Note Payable

A written promise to pay a specific amount of money, with or without interest, at a future date.

Total Liabilities

The sum of all financial obligations a company owes to external parties, including long-term and short-term liabilities.

Note Payable

A written promise to pay a specific amount of money, usually with interest, at a future date.

Interest Incurred

The cost of borrowing money, represented as the amount charged by a lender to a borrower for the use of assets, typically expressed as an annual percentage of the principal.