Asked by
Laura Jordan
on Nov 05, 2024Verified
Tariffs tend to increase the domestic price of the product.
Tariffs
Taxes imposed by a government on imported goods and services, which can affect trade balances, prices, and economic relationships between countries.
Domestic Price
The price of a good or service within a country's borders, distinct from its international or export price.
- Assess the economic effects of introducing tariffs, quotas, and subsidies on national and global markets.
Verified Answer
AR
Learning Objectives
- Assess the economic effects of introducing tariffs, quotas, and subsidies on national and global markets.