JACKSONIAN DEMOCRACY 1825 1850
AGE OF THE COMMON MAN
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The North and South wanted high tariffs on imported goods.
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The North and West wanted high tariffs on imported goods.
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The South and the West wanted high tariffs on imported goods.
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The North, South, and West wanted high tariffs on imported goods.
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Detailed explanation-1: -There are two types of tariffs: A specific tariff is levied as a fixed fee based on the type of item, such as a $500 tariff on a car. An ad-valorem tariff is levied based on the item’s value, such as 5% of an import’s value.
Detailed explanation-2: -Key Differences Between Tariff and Quota The tariff is a tax charged on imported goods. The quota is a limit defined by the government on the quantity of goods produced in the foreign country and sold domestically. Tariff results in generating revenue for the country and hence, increase the GDP.
Detailed explanation-3: -There are two basic ways in which tariffs may be levied: specific tariffs and ad valorem tariffs. A specific tariff is levied as a fixed charge per unit of imports. For example, the U.S. government levies a $0.51 specific tariff on every wristwatch imported into the United States.
Detailed explanation-4: -Tariffs Raise Prices and Reduce Economic Growth Historical evidence shows tariffs raise prices and reduce available quantities of goods and services for U.S. businesses and consumers, which results in lower income, reduced employment, and lower economic output.