One way tariffs differ from quotas is that
A) tariffs produce revenues for the importing country's government.
B) quotas produce revenues for the exporting country's government.
C) tariffs produce no revenues but set limits on the imported items.
D) tariffs are applied only on raw materials.
A
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Most economists believe that the biases in the consumer price index cause the CPI to overstate the true inflation rate by about
A) one quarter percentage point. B) one to two percentage points. C) one and one-half percentage points. D) one-half to one percentage point.
One economic advantage of a large share of exports in GDP is that countries
A) can reduce their budget deficits. B) can purchase the imports they need. C) can maintain lower rates of unemployment. D) will have greater equality in their incomes. E) develop more labor-intensive industry.