Import tariffs Multiple Choice reduce the price of foreign goods. are generally pro-consumer and anti-producer. create efficient utilization of resources. reduce the overall efficiency of the world economy.

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Lyons

Business

17 December, 18:00

Import tariffs Multiple Choice reduce the price of foreign goods. are generally pro-consumer and anti-producer. create efficient utilization of resources. reduce the overall efficiency of the world economy.

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Jaqueline Stout · Answer 1

reduce the overall efficiency of the world economy.

Explanation:

Import tariffs reduce the overall efficiency of the world economy.

1. Tariffs Raise Prices and Reduce Economic Growth

Economic facts shows that tariffs raise prices and reduce available quantities of goods and services for businesses and consumers, which results in lower income, reduced employment, and lower economic output.

2. Tariffs increase the prices of imported goods and because the price has increased, more domestic companies are willing to produce the good, but the overall effect is a reduction in imports, increased domestic production, and higher consumer prices