Tariff on imports are meant to?

Assessment: JAMB UTME - Economics - 1993 Subject: Economics

Question 1 Report

Tariff on imports are meant to?
Answer Details
Tariffs on imports are meant to prevent or restrict foreign goods from entering a country's domestic market. Tariffs are a type of tax that is placed on imported goods, making them more expensive for domestic consumers and less competitive with domestic producers. The purpose of a tariff is often to protect domestic industries from foreign competition and to promote self-sufficiency in key industries. Tariffs can also generate revenue for the government.
Read lesson note on International Trade (JAMB)
Read lesson note on International Trade And Balance Of Payments (WAEC)
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