What Is One of the Major Shortcomings of Using Tariffs

question 18

Multiple Choice

What is one of the major shortcomings of using tariffs or quotas to "save American jobs"?

• A) Trade barriers protect the development of new technology,but the new technology eliminates jobs.
• B) Import restrictions alter the composition of domestic employment,but they have minimal effect on the amount of domestic employment.
• C) The volume of trade with other nations is limited to a few industries,so trade restrictions would not increase national employment.
• D) Major American firms have produced many products in other countries,and would not hire more domestic labor when trade barriers are imposed.

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Definitions:

Canadian Firms

Companies or businesses that are founded, headquartered, or primarily operate in Canada.

Baby Boomers

The demographic cohort following the Silent Generation, typically defined as people born from the mid-1940s to the mid-1960s.

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The approach taken by a bank to achieve its business objectives, including market expansion, customer service improvement, and risk management.

Rapid Retirement

involves a swift transition of employees from active work to retirement, often accelerated by incentives or organizational restructuring.