Tariffs Make It Possible for Firms to Protect Their Local

question 2

True/False

Tariffs make it possible for firms to protect their local markets while still setting prices on domestically produced goods well above world market levels.

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Definitions:

Oil Sands

Deposits of bitumen or extremely heavy crude oil that can be mined and processed to extract the oil, primarily found in Alberta, Canada.

Crude Oil

A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials.

Fukushima Nuclear Accident

A major nuclear disaster that occurred at the Fukushima Daiichi Nuclear Power Plant in Japan in March 2011, caused by a tsunami following a massive earthquake.

Synthetic Natural Gas

A fuel gas that can be produced from fossil fuels or renewable sources, designed to mimic the properties of natural gas.