Asked by
shelley chilton
on Dec 12, 2024Verified
Which of the following would be the most likely long-run effect if the United States increased its tariff rates and adopted stricter import quotas?
A) a decrease in both U.S. imports and exports
B) an increase in both U.S. imports and exports
C) a decrease in U.S. imports and an increase in U.S. exports
D) an increase in U.S. imports and a decrease in U.S. exports
Tariff Rates
The taxes imposed by a government on imported or, less commonly, exported goods, often used to protect domestic industries or to generate revenue.
Import Quotas
Limits imposed by a government on the quantity or value of certain goods that can be imported into a country during a specific time.
U.S. Exports
Goods or services produced in the United States and sold to other countries, contributing to the country's economy and trade balance.
- Examine the enduring consequences of trade policy adjustments on export and import activities.
Verified Answer
JH
Learning Objectives
- Examine the enduring consequences of trade policy adjustments on export and import activities.