Answer: Tariffs could reduce the United States output through a few channels. One possibility is that a tariff <u>may be passed on to producers and consumers in the form of higher prices.</u> <u>Tariffs can raise the cost of parts and materials, which would raise the price of goods using those inputs and reduce private sector output. </u>This would result in <u>lower incomes for both owners of capital and workers</u>. Similarly, higher consumer prices due to tariffs would <u>reduce the after-tax value of both labor and capital income.</u> Because these higher prices would reduce the return to labor and capital, they would incentivize Americans to work and invest less, leading to lower output.
B) save the Union
He wanted to preserve the Union at any/all costs
<span>They had a difference of opinions on the policies of the interpretation of the constitution. Jefferson believed they should be strict whereas Madison believed in elasticity.</span>
Monopolies harm free enterprise because they eliminate competition. They also can affect consumers by dictating prices and costs of products in the market.
