It Is Likely That a Tariff Will

question 23

Multiple Choice

It is likely that a tariff will:

• A)improve world welfare.
• B)increase the physical volume of trade flows.
• C)be the most efficient source of government revenue.
• D)improve relations with trading partners.
• E)do none of the above.

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Definitions:

System-2

A term used in psychology referring to the analytical and conscious mode of thinking, characterized by slower, more deliberate, and logical reasoning.

Ethical Decisions

Choices made based on moral principles and values, considering what is right and wrong.

Consequences of Options

Evaluating the outcomes or impacts that different decisions or courses of action may lead to.