Which term defines a tax or duty to restrict trade by increasing the price of imported goods?

Which term defines a tax or duty to restrict trade by increasing the price of imported goods?

• A. Sustainability
• B. Tariff
• C. Quaternary industry
• D. Savanna

Answer: (B)

A tariff is a tax or duty on imported goods that makes them more expensive. By raising the price of imports, tariffs curb competition from foreign products and encourage consumers to buy domestically produced items. This use of economic pressure helps protect local industries, preserve jobs, and can also raise government revenue. Sustainability isn’t about taxes on trade but about meeting present needs without compromising future resources. Quaternary industry refers to knowledge-based activities like research and information services, not trade restrictions. Savanna is a type of grassy, open ecosystem, unrelated to trade policy.

A tariff is a tax or duty on imported goods that makes them more expensive. By raising the price of imports, tariffs curb competition from foreign products and encourage consumers to buy domestically produced items. This use of economic pressure helps protect local industries, preserve jobs, and can also raise government revenue.

Sustainability isn’t about taxes on trade but about meeting present needs without compromising future resources. Quaternary industry refers to knowledge-based activities like research and information services, not trade restrictions. Savanna is a type of grassy, open ecosystem, unrelated to trade policy.