The use of tariffs and quotas for trade protection results in

Name: The use of tariffs and quotas for trade protection results in
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Tariffs and quotas restrict the amount of foreign goods entering a country, leading to less competition and higher prices for consumers. This inefficiency arises because resources are not allocated to their most productive uses, as domestic industries are protected from foreign competition, often leading to higher costs and less innovation.

The Use of Tariffs and Quotas for Trade Protection Results