Tariffs and quotas are essentially identical in their effects.

Name: Tariffs and quotas are essentially identical in their effects.
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Quizplus · Accepted Answer

Tariffs and quotas have different effects. Tariffs are taxes on imported goods, while quotas limit the amount of goods that can be imported. Tariffs increase the price of imported goods and generate government revenue, while quotas restrict the supply of imported goods and can lead to higher prices and potential shortages in the domestic market.

Tariffs and Quotas Are Essentially Identical in Their Effects