Quiz on Tariffs and Small Businesses

What was the revised GDP growth forecast for 2025 by Goldman Sachs?

• 2.4%

• 1.7%

• 3.0%

• 2.0%

According to David Kelly, what is one negative effect of tariffs?

• Increase in productivity

• Decrease in global tensions

• Increase in unemployment

• Improvement in economic growth

What is one strategy Carolyn Rodz suggests for small businesses to handle tariffs?

• Explore suppliers in tariff-free countries

• Focus solely on domestic suppliers

• Increase reliance on a single supplier

• Ignore changes in tariffs

What is a potential short-term effect of tariffs on U.S. consumers?

• Decrease in product prices

• Increase in product prices

• No effect on product prices

• Stability in product prices

What is one benefit of shorter supply chains mentioned in the text?

• Higher costs

• Longer delivery times

• Greater onshore production

• Increased reliance on international suppliers

What is one way small businesses can maintain customer loyalty when raising prices?

• Sudden and unexplained price hikes

• Ignoring customer feedback

• Reducing product quality

• Gradual and transparent price adjustments

What is a suggested action for small businesses to diversify their supply chains?

• Rely solely on existing suppliers

• Explore alternative suppliers in non-tariff countries

• Focus only on increasing prices

• Avoid using third-party logistics

What is one concern Colin King mentions about small businesses?

• They have no issues with tariffs

• They are unaffected by global supply chain disruptions

• They are slow to make changes due to fear of disruption

• They are quick to adapt to changes

What is one financial strategy suggested for small businesses facing tariffs?

• Increase spending without a budget

• Build cash reserves and manage cash flow

• Ignore financial fundamentals

• Rely solely on credit

What is one potential long-term benefit of reshoring manufacturing?

• Increased dependency on foreign goods

• Decreased use of new technologies

• Promising growth in domestic manufacturing

• Higher unemployment rates