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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North
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West
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Either A or B
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None of the above
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Detailed explanation-1: -The North favored protective tariffs for their manufacturing industry. The South, which exported agricultural products to and imported manufactured goods from Europe, favored free trade and was hurt by the tariffs.
Detailed explanation-2: -These include specific tariffs, ad valorem tariffs, compound tariffs, tariff-rate quotas, and retaliatory tariffs. A specific tariff is a tax imposed directly onto one imported good and does not depend on the value of that imported good.
Detailed explanation-3: -The three types of tariff are Most Favored Nation (MFN), Preferential and Bound Tariff.
Detailed explanation-4: -A tariff is a tax imposed by one country on the goods and services imported from another country to influence it, raise revenues, or protect competitive advantages.