Which of the Following Is True of Import Tariffs and Quotas

question 140

Multiple Choice

Which of the following is true of import tariffs and quotas?

• A)They benefit domestic producers.
• B)Domestic consumers gain because they purchase the output of domestic firms.
• C)Specialization and comparative advantage are advanced by tariffs and quotas.
• D)They tend to expand the volume of world trade.
• E)Because they increase the output levels of domestic firms, they tend to lower domestic prices.

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Definitions:

Reasoning

The mental process of forming conclusions, judgments, or inferences from facts or premises.

Examples

Specific instances or cases used to illustrate or explain a topic, principle, or process.

Critical Thinking

The objective analysis and evaluation of an issue in order to form a judgment, involving clear and reasoned thinking.

Metacognition

The awareness and understanding of one's own thought processes, often referred to as "thinking about thinking."