A common false argument for using tariffs to maximize national income and raise domestic living standards is to _.

Question

Quizplus · Accepted Answer

While imposing tariffs may seem to protect domestic industries from foreign competition, it ultimately harms consumers who end up paying higher prices. This can lead to a decline in consumer spending and overall economic activity. Additionally, artificially propping up declining industries only delays the inevitable need for those industries to innovate and become more efficient. Therefore, using tariffs to protect declining industries is not an effective strategy for maximizing national income or raising domestic living standards.

A Common False Argument for Using Tariffs to Maximize National