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What is the purpose of protectionist trade policies such as tariffs and subsidies?
They allow producers to sell their products more cheaply than foreign competitors... apex
Why did southerners oppose tariffs?
The southerners bought more foreign goods than the northerners did.
If one is an exporter what does one do?
To be an exporter, one would have to sell more goods than he takes in. This typically means to sell more goods in worth than buy. This leaves the person with a profit, while the importer would most likely be in debt.
What is a theory that a country should sell more goods to other countries than it buys?
mercatilism
What is Mercantilists?
a policy based on on the idea that a country should sell more goods than it buys
Why was the north in favor of a high protective tariff?
1- They made imported goods more expensive than American-made goods. 2- The northeast had most of the nation's manufacturing. 3- American manufacturers sell their products at a lower price than imported goods.
What is policy that a nation should sell more goods than it purchases?
The policy that advocates for a nation to sell more goods than it purchases is known as "mercantilism." This economic theory emphasizes the importance of accumulating wealth, primarily in the form of gold and silver, through a favorable balance of trade. By exporting more than importing, a country aims to enhance its economic power and achieve self-sufficiency. Mercantilism often leads to protectionist measures to promote domestic industries and limit foreign competition.
How does Walmart affect the GDP?
It increases the united states trade deficit. Their main suppliers are foreign so they import more than they sell foreign.
What is the theory that states a country should sell more goods to other countries than it buys?
mercatilism
What did the tariff of 1789 place a tax on?
8% on imported foreign goods, starting with glass and pottery (goods that the federal government wanted the states to start producing to become more selfsufficient exporting more goods than they imported)
Does open economy do more harm than good?
It does more good because consumers are able to purchase more goods and services outside the production possibility boundary and producers can sell goods and services to other economies.
How would you describe a trade surplus?
In order to have a trade surplus, a country must export (sell) more tangible goods than it imports (buys). If the opposite were true, a trade deficit would exist.
