What Is the Immediate Effect of Increasing Tariffs in a

question 107

Multiple Choice

What is the immediate effect of increasing tariffs in a
Country on its economy?

• A)It increases the volume of trade.
• B)It reduces the volume of imports.
• C)It increases the volume of imports.
• D)It promotes better trade relations with other countries.

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Definitions:

Partnership Agreement

A written agreement between partners in a business that outlines the terms of the partnership, including contributions, responsibilities, and how profits and losses will be shared.

Dissolution

The closing down or dismissal of an assembly, partnership, or official body.

Authorized Purchases

Transactions that have been approved or are within the purchasing rights granted to individuals or entities by an organization or authority.

Actual Authority

Legally granted power to an agent by the principal, enabling the agent to act on behalf of the principal.