What is a tariff? Why has the world economy moved from high tariffs and protectionism to lower tariffs and nontariff barriers?
What will be an ideal response?
An ideal response will:
1, Define a tariff as a tax added to the cost of imported goods that is designed to raise their price and thereby protect the country's businesses and workers from foreign competition.
2, Describe the increasingly interdependent nature of the global economy, and how tariffs erect a barrier to free trade between countries.
3, Discuss how agreements such as NAFTA and GATT have lowered barriers to trade and how countries now resort to nontariff barriers such as quotas, subsidies, and quality specifications to limit imports.
4, Observe how the global world economy is making concepts such as imports and exports increasingly difficult to define.For example, many businesses have companies in multiple countries.
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Indicate whether the statement is true or false
Article ________ of the Constitution details the process of constitutional amendment.
A. V B. IV C. VIII D. VI E. VII
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Indicate whether the statement is true or false.
In Texas, which is true of the 1991 franchise tax?
a. It is levied only on a business's inventory. b. It applies only to sole proprietorships. c. It is typically assessed on a business's revenue plus employee compensation. d. It must be paid even if a business fails to make money.