One Benefit from Tariffs Would Be

question 120

Multiple Choice

One benefit from tariffs would be

• A) the increase in efficiency.
• B) the elimination of deadweight loss.
• C) the increase in consumer surplus.
• D) the protection of domestic businesses.
• E) more imports into the country.

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Definitions:

Competitive Industry

A market scenario where there are many sellers, leading to competitive prices and innovations.

Economic Profits

The contrast between the sum of revenues and the sum of all costs, embracing both direct monetary and inferred expenditures.

Opportunity Cost

The worth of the best alternative given up as a consequence of a decision made.

Competitive Market System

An economic system where many buyers and sellers interact in the marketplace, with the forces of supply and demand determining prices and output levels.