If a Nation Imposes Tariffs and Quotas on Foreign Products

question 188

Multiple Choice

If a nation imposes tariffs and quotas on foreign products, the immediate effect will be to

• A)reduce the rate of domestic inflation.
• B)increase efficiency in the world economy.
• C)increase domestic output and employment.
• D)reduce domestic output and employment.

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Definitions:

Problem Recognition

The initial stage in the consumer buying process where a consumer identifies a need or problem that requires resolution.

Internal Search

The cognitive process consumers engage in by recalling information from memory about a product or service as part of their decision-making process.

Purchase Decision

The process by which a consumer decides to buy a product or service after considering information, choice alternatives, and other factors.

Internal Search

The process consumers engage in by recalling past experiences and information from memory when looking for information to make a purchase decision.