During a Business Recession,when Cheaper Products Are Purchased,a Specific Tariff

question 116

True/False

During a business recession,when cheaper products are purchased,a specific tariff provides domestic producers a greater amount of protection against import-competing goods.

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Definitions:

R&D

Short for Research and Development, involving investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures.

Invention

The creation of a new product, system, or process that has never before been made and is recognized as the product of some unique insight.

Basic Research

Research aimed at gaining more comprehensive knowledge or understanding of the subject without targeted applications towards processes or products.

Process Innovation

The implementation of a new or significantly improved production or delivery method in a business or industry.