The effect of the imposition of a new tariff is to domestic production of the commodity and
The domestic consumption of the commodity.

Name: The effect of the imposition of a new tariff is to domestic production of the commodity and The domestic consumption of the commodity.
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Question

Quizplus · Accepted Answer

A tariff increases the cost of imported goods, making domestic products more competitive, thus increasing domestic production. It also raises prices for consumers, leading to a decrease in domestic consumption.

The Effect of the Imposition of a New Tariff Is