Tariffs

question 34

Multiple Choice

Tariffs

• A)generate revenue for consumers.
• B)generate revenue for the government.
• C)encourage domestic consumers to buy more imports.
• D)encourage domestic producers to produce less.
• E)lower prices for consumers.

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Definitions:

Minimum-wage Laws

Legislation that sets the lowest hourly wage rate that can be paid to workers, intended to protect employees from unduly low pay.

Labor Force

The total number of people employed and unemployed, actively seeking work in an economy.

Equilibrium Level

The state in which market supply and demand balance each other, resulting in stable prices and quantities.

Unemployment

The situation when people who are willing to work at prevailing wage rates cannot find jobs.