Protectionist tariff and quotas often:
A)do little to stem the tide of cheap foreign imports.
B)reduce the real incomes of the protected workers and consumers.
C)lead to the complete economic isolation of a nation.
D)result in increased world-wide production efficiency.
E)none of the above.

Question

Quizplus · Accepted Answer

Protectionist tariffs and quotas may initially protect domestic industries and jobs, but they ultimately result in higher prices for consumers and reduced competition, leading to a lower standard of living for everyone. Additionally, foreign countries may retaliate with their own tariffs or quotas, hurting exports and global trade.

Protectionist Tariff and Quotas Often