The basic difference in the economic effects of a tariff compared with a quota is that a:

Name: The basic difference in the economic effects of a tariff compared with a quota is that a:
Brand: Quizplus
Rating: 4.8 (50 reviews)

Question

Quizplus · Accepted Answer

A tariff generates revenue for the government by taxing imported goods, while a quota restricts the quantity of imported goods without generating revenue for the government. Additionally, both a tariff and a quota can raise product prices, depending on the level of competition in the domestic market.

The Basic Difference in the Economic Effects of a Tariff