Import quotas and tariffs both
A)decrease deadweight loss.
B)cause a loss of revenue to domestic producers.
C)lower prices on imported goods.
D)decrease producer surplus.
E)restrict foreign trade.

Question

Quizplus · Accepted Answer

Both import quotas and tariffs restrict foreign trade by limiting the amount of goods that can be imported into a country. This can lead to higher prices for consumers and can harm the industries that rely on imported goods. Additionally, import quotas and tariffs can lead to retaliation from other countries, which can further harm international trade relationships.

Import Quotas and Tariffs Both