Which of the following statements about tariffs is true?
A) Retailers want to raise them
B) Import tariffs have been used to shield domestic manufacturers from foreign competition
C) Tariffs have never been used as a government fund raiser
D) Tariffs lower the cost of imported merchandise
E) The World Trade Organization is responsible for the increase in the tariff rate

Question

Quizplus · Accepted Answer

Import tariffs have historically been used to protect domestic manufacturers from competing with cheaper foreign products. This is often seen as a way to promote domestic industries and employment.

Which of the Following Statements About Tariffs Is True