The use of tariffs and quotas for trade protection results in

Question

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The use of tariffs and quotas for trade protection reduces competition and limits trade, which results in less efficiency in the economy. This can lead to higher prices for consumers and less revenue for the government due to decreased international trade. Additionally, it may result in an increase in rent-seeking activity as businesses seek protectionist policies to gain a competitive advantage.

The Use of Tariffs and Quotas for Trade Protection Results