Answer the following statements true (T) or false (F)
1.To protect domestic producers from foreign competition, the U.S. government levies both import tariffs and export tariffs.
2.With a compound tariff, a domestic importer of an automobile might be required to pay a duty of $200 plus 4 percent of the value of the automobile.
3.With a specific tariff, the degree of protection afforded domestic producers varies directly with changes in import prices.
4.During a recession, when consumers tend to purchase cheaper products, a specific tariff provides domestic producers a greater amount of protection against import-competing goods than other types of tariffs.
5.An ad valorem tariff provides domestic producers less protection against import-competing goods during periods of changing prices.
1.False
2.True
3.False
4.True
5.False
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a. $0. b. $30,000. c. $16,667. d. $50,000.
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What will be an ideal response?
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a. termination through action b. termination through inaction c. termination by redefinition d. termination by decision of law e. none of the other choices are correct