Incentives matter and different groups of producers, consumers and politicians will support those policies that promise to advance those projects most advantageous to them. Which statement about opposition to or support for U.S
tariff policy during the antebellum period is correct? (a) "Producers in the South objected to tariffs placed on imported goods. They needed them at relatively low prices for their own production."
(b) Plantation owners supported a high tariff as protection against cheap cotton imports.
(c) Politicians wanted to protect jobs abroad as well as in the U.S. Therefore, they did not support U.S. tariff policies.
(d) All of the above are correct.
(a)
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International trade based on external scale economies in both countries is likely to be carried out by
A) a relatively large number of price competing firms. B) a relatively small number of price competing firms. C) a relatively small number of imperfect competitors. D) monopolists in each country. E) a large number of oligopolists in each country.
A cost that is unavoidable regardless of the actions of a decision maker is called
A. a sunk cost. B. a marginal cost. C. an opportunity cost. D. an incremental cost.
Which of the following is a TRUE statement?
A) Any property right system will yield a situation in which all externalities are internalized. B) Voluntary agreements can always yield a situation in which all externalities are internalized. C) Opportunity costs always exist with whoever has property rights. D) Opportunity costs turn external costs into social costs.
An increase in total factor productivity shifts the PPF
A) upward, but does not change its slope. B) upward, and also changes its slope. C) downward, but does not change its slope. D) downward, and also changes its slope.