Import bans, import quotas, voluntary export restraints, and tariffs on goods all

Question

Quizplus · Accepted Answer

Import bans, import quotas, voluntary export restraints, and tariffs on goods are all trade barriers implemented by governments to reduce imports and protect domestic industries. By limiting the supply of imported goods, prices for consumers usually increase because there are fewer substitutes available on the market. Therefore, the correct answer is C: reduce imports and raise prices for consumers.

Import Bans, Import Quotas, Voluntary Export Restraints, and Tariffs on Goods