Both tariffs and quotas will restrict supplies coming into the country from abroad.

Question

Quizplus · Accepted Answer

Both tariffs and quotas are trade barriers that limit the amount of goods that can come into a country from abroad. Tariffs are taxes on imports, which increase the price of foreign goods and make them less competitive compared to domestically produced goods. Quotas, on the other hand, are limits on the quantity of a particular product that can be imported into a country during a specific time. Both tariffs and quotas aim to protect domestic industries from foreign competition by reducing the supply of foreign goods in the market.

Both Tariffs and Quotas Will Restrict Supplies Coming into the Country