Consumers are benefitted when a government imposes import quotas on products.

Question

Quizplus · Accepted Answer

When a government imposes import quotas on products, it restricts the flow of goods into the country. This can lead to higher prices for consumers due to limited availability of the product, and can also result in a decrease in competition leading to lower quality products. Additionally, import quotas can lead to retaliation from trading partners, leading to decreased access to export markets and ultimately harming the overall economy. Therefore, consumers are not benefitted when a government imposes import quotas on products.

Consumers Are Benefitted When a Government Imposes Import Quotas on Products