Tariff levels in advanced countries tend to be __________ tariff levels in developing countries?
Correct answer: C. lower than
- A. higher than
- B. equal to
- C. lower than
- D. there is no general pattern
Explanation
Advanced countries generally maintain lower average tariff levels than developing countries, although they may use tariff escalation against processed goods. Thus the broad comparison in the question is lower than.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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