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:

Hammer

A tool typically used to drive nails into, or pull them from, some other object, usually consisting of a handle and a heavy head used to deliver an impact.

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Cochlea

A spiral-shaped, fluid-filled inner ear structure that is responsible for converting sound waves into nerve impulses.

Sense of Smell

The ability to perceive odors through olfactory sensory neurons in the nose, which play a key role in human interactions and perceiving the environment.