During a Year,the Government of a Country Imposed a Tariff

question 112

Multiple Choice

During a year,the government of a country imposed a tariff on imported steel.The rationale behind this policy was that lower-priced imports had put the country's established steel industries in jeopardy of closing.This government policy was based on:

• A)the declining industries argument.
• B)the antidumping argument.
• C)the infant industry argument.
• D)the national defense argument.
• E)the jobs and income argument.

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Definitions:

Notes Payable

A written promise to pay a specified amount of money, along with interest, by a certain date.

Interest Expense

Expenses that a company faces for using borrowed capital, usually shown on the profit and loss statement.

Owner's Equity

The residual interest in the assets of an entity that remains after deducting its liabilities. It represents the ownership interest of the shareholders in a company.

Total Liabilities

The sum of all financial obligations or debts a company owes, including loans, accounts payable, mortgages, and any other monies due to external parties.