Of the many arguments in favor of tariffs, the one that has enjoyed the most significant economic justification has been the:
A. Infant industry argument
B. Cheap foreign labor argument
C. Balance of payments argument
Domestic living standard argument
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The redistribution effect of an import tariff is the transfer of income from the domestic:
A. Producers to domestic buyers of the good
Buyers to domestic producers of the good
C. Buyers to the domestic government
D. Government to the domestic buyers
Which of the following is true concerning a specific tariff?
A. It is exclusively used by the U.in its tariff schedules.
B. It refers to a flat percentage duty applied to a good's market value.Itreferstoaflatpercentagedutyappliedtoagood'smarketvalue.
C. It is plagued by problems associated with assessing import product values.
D. it affords less protection to home producers during eras of rising prices.
The principal benefit of tariff protection goes to:
A. Domestic consumers of the good produced
B. Domestic producers of the good produced
C. Foreign producers of the good produced
D. Foreign consumers of the good produced
Which of the following policies permits a specified quantity of goods to be imported at one tariff rate and applies a hinger tariff rate to imports above this quantity?
A. Tariff quota
B. Import tariff
C. Specific tariff
D. Ad valorem tariff
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