A Tariff Affects Imports

question 76

Multiple Choice

A tariff affects imports

• A)by limiting quantity and raising price to a higher level.
• B)by reducing quantity demanded so that supply falls.
• C)by increasing supply, raising price, and reducing demand.
• D)by raising price and reducing quantity demanded.

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Definitions:

Social Darwinism

A theory that applies the concept of "survival of the fittest" from biological evolution to social and economic competition, often used to justify social inequalities.

Herbert Spencer

A 19th-century English philosopher and sociologist known for applying the theory of natural selection to society, coining the phrase "survival of the fittest."

Henry Demarest Lloyd

An American progressive political activist and a critic of corporate power and monopoly, best known for his works on the Standard Oil Company.

English Noblemen

Refers to individuals of noble birth or rank in England, typically holding substantial land, wealth, and power in the medieval to early modern periods.