Which of the following statements is NOT correct?
A)Tariffs are likely to decrease world economic well-being.
B)Tariffs can increase, decrease, or leave unchanged the economic well-being if imposed by a large country.
C)Tariffs always decrease economic domestic well-being if imposed by a small country.
D)Tariffs hurt producers and help consumers in the country imposing the tariff.

Question

Quizplus · Accepted Answer

Tariffs generally help domestic producers by providing them a competitive edge over foreign competitors through higher prices on imported goods, but they hurt consumers by increasing the prices of imported goods.

Which of the Following Statements Is NOT Correct