The Purpose of the Corn Laws Was to

question 10

Multiple Choice

The purpose of the Corn Laws was to

• A) encourage imports and discourage exports, and thus keep the price of food low.
• B) encourage both exports and imports in order to integrate the British economy with the rest of Europe.
• C) discourage both imports and exports in order to promote economic self-sufficiency in Britain.
• D) discourage imports and encourage exports, and thus keep the price of food high.

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Definitions:

Fixed Cost

Costs that do not vary with the volume of output produced, such as rent, salaries, and insurance premiums.

Inventory

The total amount of goods and/or materials contained in a store or factory at any given time.

Inventory Management

The practice of ordering, storing, tracking, and controlling inventory to ensure an adequate supply without excessive oversupply or loss.

Just-In-Time Approach

A production strategy that strives to improve a business's return on investment by reducing in-process inventory and associated carrying costs by receiving goods only as they are needed in the production process.