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WAEC Economics 1998 Question 36

Question 36

International Trade

The instruments used in many countries to restrict imports include

  1. A.high tariffs
  2. B.price index
  3. C.excise duties
  4. D.bank rate
  5. E.subsidies
Show the answer and explanation

Answer: A (high tariffs)

Explanation

High tariffs make imports dearer and so reduce them; excise duties are on local goods.