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WAEC Economics 1997 Question 21

Question 21

International Trade

One of the instruments of protection of infant industries is the

  1. A.price control board
  2. B.open market operation
  3. C.tariff
  4. D.GDP-deflator
  5. E.multiplier
Show the answer and explanation

Answer: C (tariff)

Explanation

Tariffs make imports dearer, protecting new local industries from foreign competition.