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5) A tax on imports is also known as a ________________ and the policy of using...

5) A tax on imports is also known as a ________________ and the policy of using these
taxes to make domestic products competitive on price with imports is known as
___________________.

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Answer #1

A tax on imports is also known as Tariffs, and the the policy of using these taxes to make domestic products competitive on price with imports is known as Quantitative Restriction Policies.

Tariffs:- This are basically the taxes imposed by a government on imported goods and services, in order to safeguard the local or the domestic industries. For Eg:- US govt. sometimes impose tariffs on imported leather footwears from countries like Vietnam, Philipines in order to safeguard local footwear industries.

Policy of Quantitative Restrictions :- As the name only suggests, by imposing tariffs the quantity of the goods and services that are imported are to be reduced in order to make the local industries more competitive.

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