Asked by Carolyn Lemon-Lewis on Apr 29, 2024
Verified
The use of tariffs and quotas for trade protection results in
A) lower prices for domestic consumers.
B) less revenue for government.
C) less efficiency in the economy.
D) less rent-seeking activity.
Rent-Seeking Activity
Efforts by individuals or firms to gain unfair economic benefits through manipulation or exploitation of the regulatory or political environment, without contributing to productivity.
Tariffs and Quotas
Government-imposed restrictions on trade, where tariffs are taxes on imported goods, and quotas are limits on the amount of goods that can be imported.
- Explore the historical background and current practice of tariffs, quotas, and other protective measures, and their effects on the global marketplace.
Verified Answer
Learning Objectives
- Explore the historical background and current practice of tariffs, quotas, and other protective measures, and their effects on the global marketplace.
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