When a Tariff or Quota on a Product Is Removed

question 174

Multiple Choice

When a tariff or quota on a product is removed, the action:

• A)benefits producers in the protected industries.
• B)benefits consumers of the product.
• C)benefits the government.
• D)hurts nations exporting the product.

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Definitions:

Domestic Operations

Business activities and transactions that occur within a company's home country.

FIFO

"First In, First Out," an inventory management and valuation method assuming the first items acquired are the first ones sold.

Gross Profit

The difference between sales revenue and the cost of goods sold before accounting for administrative and selling expenses.

Units

A measure of quantity or amount in accounting, production, or inventory management, often used to quantify items, products, or resources.