If all tariffs were prohibitive

Name: If all tariffs were prohibitive
Brand: Quizplus
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Question

Quizplus · Accepted Answer

If all tariffs were prohibitive, it would mean that they are set so high as to effectively block imports of affected goods. This would result in the government receiving no revenue from tariffs, as no imports would be allowed. This would not result in domestic industries prospering or exports increasing, but instead would likely lead to reduced competition and higher prices for consumers.

If All Tariffs Were Prohibitive