Import tariffs increase the overall efficiency of the world economy.

Name: Import tariffs increase the overall efficiency of the world economy.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Import tariffs result in higher prices for imported goods, which may increase production costs for local industries and lead to higher prices for consumers. Additionally, other countries may retaliate with their own tariffs, decreasing global trade and creating inefficiencies in the world economy.

Import Tariffs Increase the Overall Efficiency of the World Economy