From an Economic Perspective, Studies of the Costs of Trade

question 298

Multiple Choice

From an economic perspective, studies of the costs of trade barriers show that they

• A)are outweighed by the reduction in foreign competition provided by the barriers.
• B)are much less than benefits for domestic producers and workers.
• C)are about equal to the benefits from trade barriers.
• D)far exceed their benefits for society.

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Definitions:

Common Goal

A shared objective or target that a group of individuals or an organization aims to achieve together.

Small Businesses

Enterprises with limited resources and workforce, often characterized by local operation and lower volume of sales.

Dominate Industry

To hold a commanding or leading position in a particular market or sector.

Independently Owned

Independently owned describes a business or enterprise that is owned by an individual or a private group, not part of a larger corporation or conglomerate.