Which of the Following Statements Is NOT Correct

question 20

Multiple Choice

Which of the following statements is NOT correct?

• A)Tariffs are likely to decrease world economic well-being.
• B)Tariffs can increase, decrease, or leave unchanged the economic well-being if imposed by a large country.
• C)Tariffs always decrease economic domestic well-being if imposed by a small country.
• D)Tariffs hurt producers and help consumers in the country imposing the tariff.

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Definitions:

Industrial Firm

An organization that produces goods through the processing of raw materials, manufacturing of products, and (in most cases) the sale of these products to traders, other industries, and end consumers.

Reprocesses

The act of processing materials or products again, often to recover usable elements or to ensure quality standards are met.

NAICS

The North American Industry Classification System, a standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy.

Industry Definitions

Specific terms and jargon that are commonly accepted and used within a particular sector or field of business.