The instrument used in many countries to restrict imports includes

Assessment: WAEC SSCE - Economics - 1998 (Objective) Subject: Economics

Question 1 Report

The instrument used in many countries to restrict imports includes
Answer Details
The instrument used in many countries to restrict imports is high tariffs. A tariff is a tax imposed on imported goods and services, making them more expensive and less competitive in the domestic market. This is done to protect local industries from foreign competition and stimulate domestic production. High tariffs make imports less attractive and promote local production and consumption. Therefore, many countries use tariffs as a means of restricting imports and promoting domestic industries.
Read lesson note on International Trade (JAMB)
Read lesson note on Economic Integration (WAEC)
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