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Earn +20 ptsQ: Which is true about tariffs?
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Tariffs lower the price of foreign goods?
No, the opposite is true. Tariffs raise the price of foreign goods compared to domestic goods. Because of this, tariffs reduce imports.
Nations use many methods to restrict trade but the two most important methods are tariffs on imports and non tariff barriers?
true
What is specialization restricted by in the global economy?
Protective tariffs
What was the purpose of the general agreement on tariffs and trade?
to expand world trade by reducing tariffs
Why do high tariffs restrict international trade?
Tariffs are fees excised on goods coming into a country. As a result, traded goods cost more when there are high tariffs, and this limits their sale.
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