Economists Consider Tariffs to Be

question 169

Multiple Choice

Economists consider tariffs to be

• A) necessary for the protection of domestic industries and the achievement of full employment.
• B) harmful to domestic consumers.
• C) obstacles that hinder voluntary exchange and gains from trade.
• D) both b and c above

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Definitions:

Adjusted Trial Balance

A compilation of all accounts along with their balances, updated after adjustment entries, which is utilized for the creation of financial reports.

Balance Sheet Account

An account reported on the balance sheet that includes assets, liabilities, and shareholders' equity at a specific point in time.

Income Statement Account

Accounts that participate in the composition of the income statement, including revenues, expenses, gains, and losses.

Proper Adjustments

Corrections or updates made to financial records to ensure they accurately reflect the company's financial position.