Asked by
C?m Tú Nguy?n
on Dec 12, 2024Verified
Economists consider tariffs to be
A) necessary for the protection of domestic industries and the achievement of full employment.
B) harmful to domestic consumers.
C) obstacles that hinder voluntary exchange and gains from trade.
D) both b and c above
Voluntary Exchange
An economic transaction where two parties willingly trade goods or services without coercion, each party benefiting from the trade.
Domestic Consumers
Individuals or households within a country that purchase goods and services for personal use.
Tariffs
Taxes imposed on imported goods, used by governments to regulate trade and protect domestic industries.
- Recognize the effects of tariffs and how they impact both domestic consumers and producers.
Verified Answer
SK
Learning Objectives
- Recognize the effects of tariffs and how they impact both domestic consumers and producers.