Asked by
Manny Williams
on Dec 12, 2024Verified
Economically speaking, tariffs are
A) a means to promote economic efficiency.
B) necessary to keep the industries of an economy healthy.
C) the same as import quotas.
D) obstacles that limit voluntary exchange.
Economic Efficiency
A condition in which resources are allocated in such a way that maximizes the net benefit to society, ensuring that goods and services are produced and distributed in the most cost-effective manner.
Import Quotas
Limits set by a government on the quantity of a certain good that can be imported into a country, used to protect domestic industries.
Tariffs
A tax imposed by a government on goods and services imported from other countries, affecting the price and availability of those items.
- Identify the consequences of tariffs and their influence on domestic consumers and producers.
Verified Answer
PT
Learning Objectives
- Identify the consequences of tariffs and their influence on domestic consumers and producers.