This question was previously asked in
Shift 28/05/2023 3:30 PM - 6:30 PM
Correct Answer
1.The instrument of trade protection that directly raises the price of the commodity in the domestic economy is (2) Import tariff.
2.An import tariff is a tax imposed on imported goods, making them more expensive for domestic consumers.
3. As a result, the price of the commodity in the domestic economy increases, which is a form of trade protection. This is often done to protect domestic industries from foreign competition by making imported products less attractive due to their higher cost.
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