Practice Quiz

CLEP Economics Exam Prep

Category - Economics

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Which of the following best explains why domestic industries are often successful in convincing Congress to place tariffs on certain imported products?
  1. The revenue generated from the tariffs is less than the revenue from taxes on products produced by the industry.
  2. The revenue generated from the tariffs is greater than the benefits of the tariffs to the industry.
  3. The cost to any one consumer is small, and the benefits to the industry are large.
  4. The benefit to any one consumer is large, and the cost to the industry is small.
Explanation
Answer: C - The cost to any one consumer is small, and the benefits to the industry are large.
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