Tariff barriers may be used to protect domestic industry from foreign, lower-cost producers.

Question

Quizplus · Accepted Answer

Tariff barriers, such as import taxes or fees, can be used to make foreign goods more expensive and protect domestic industries from competition by lower-cost producers. This protectionist measure is often used to support local jobs and industries, but it can sometimes result in higher prices for consumers and reduced competition in the market.

Tariff Barriers May Be Used to Protect Domestic Industry from Foreign