Economic Benefits to Tariffs and Import Quotas Include: More Jobs

question 58

True/False

Economic benefits to tariffs and import quotas include: more jobs in the protected industry, lower prices to consumers, and increased gains from trade.

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Definitions:

Equipment

Tangible property used in operations, which is not intended for sale, often with a useful life exceeding one year and subject to depreciation.

Balance Sheet

A financial statement that showcases the financial position of a company at a specific point in time, including assets, liabilities, and shareholders' equity.

Liabilities

Financial obligations or debts owed by a company to creditors.

Equity

The value of an ownership interest in property, including shareholders' ownership in a company.