A $100 specific tariff provides home producers more protection from foreign competition when:
A. The home market buys cheaper products rather than expensive products
B. It is applied to a commodity with many grade variations
C. The home demand for a good is elastic with respect to price changes
D. It is levied on manufactured goods rather than primary products
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A lower tariff on imported aluminum would most likely benefit:
A. Foreign producers at the expense of domestic consumers
B. Domestic manufacturers of aluminum
C. Domestic consumers of aluminum
D. Workers in the domestic aluminum industry
When a government allows raw materials and other intermediate products to enter a country duty free, its tariff policy generally results in a:
A. Effective tariff rate less than the nominal tariff rate
B. Nominal tariff rate less than the effective tariff rate
C. Rise in both nominal and effective tariff rates
D. Fall in both nominal and effective tariff rates
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
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
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