A tariff:
PMS 5 Years Past Paper PDF / All — Multiple-choice practice
- A. Reduces the volume of trade
- B. Has no effect on volume of trade
- C. Both A and C
- D. Increases the volume of trade
Correct answer
Reduces the volume of trade
Explanation
Explanation Reduces the volume of trade Tariffs are government-imposed taxes on goods and services imported from other countries that aim to raise prices, make imports less desirable, or at least less competitive, compared to domestic goods and services.
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