Which Is a Better Outcome for Income and Standard of Living

question 121

Multiple Choice

Which is a better outcome for income and standard of living
Levels for large nations?

• A)no tariffs
• B)low tariffs
• C)high tariffs
• D)equal tariffs for all nations

---

Definitions:

Capitalism

An economic system characterized by private or corporate ownership of goods and services, and where investments, production, and distribution of goods are determined by competition in a largely unregulated marketplace.

Conflict Theory

A sociological perspective that views social life as a competition, with social order maintained by domination and power, rather than consensus.

Contemporary Event

An occurrence, issue, or trend that is happening in the present or recently took place.

Functionalist Approaches

theoretical perspectives that view society as a complex system whose parts work together to promote solidarity and stability.