What Is the Basic Purpose of Protective Tariffs

question 54

Multiple Choice

What is the basic purpose of protective tariffs?

• A) to raise money for the country into which the products are being imported
• B) to raise the retail prices of imported products to match or exceed those of similar domestic products
• C) to counter the effects of tariffs on the domestic market
• D) to stabilize the prices of imported goods

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Definitions:

Coefficient Of Correlation

A numerical method for determining the vigor and pathway of a linear bond between two variables.

Scatter Diagram

A graph in which the values of two variables are plotted along two axes, the pattern of the resulting points revealing any correlation present.

Standard Error Of Estimate

A measure of the accuracy of predictions made with a regression line, representing how spread out observed values are from the regression line.

Sum Of Squares For Error

The sum of squared differences between observed and predicted values in a regression model, measuring the discrepancy between the data and the model.