THE VIRGINIA DYNASTY 1801 1825
JAMES MADISON AFTER THE WAR OF 1812 THE ERA OF GOOD FEELINGS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tariffs lowered the prices of imported goods.
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Tariffs made imported goods illegal to buy.
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Tariffs set weight restrictions for imported goods.
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Tariffs raised the cost of imported goods.
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Detailed explanation-1: -Customs duties on merchandise imports are called tariffs. Tariffs give a price advantage to locally-produced goods over similar goods which are imported, and they raise revenues for governments.
Detailed explanation-2: -Tariffs increase the price of goods and services in domestic markets by applying a tax on imported goods that is paid by the domestic importer. To cover the increased costs, the domestic importer then charges higher prices for the goods and services.
Detailed explanation-3: -One of President Trump’s most prominent policy actions in office was to raise tariffs, which significantly harm the U.S. economy. Trade barriers such as tariffs increase the cost of both consumer and producer goods and depress the economic benefits of competition, inhibiting economic growth.