Question

4. Would the U.S. government gain any advantage from using tariffs or quotas to restrict imports?

Tucker, Irvin B.. Macroeconomics for Today (Page 511). South-Western College Pub. Kindle Edition.

Answer 1

Yes, when the US government get to impose tariffs and quotas on imports, it is a common sign that the prices of the imports increase and then the demand decrease where people get to purchase more local goods on the whole. This in turn increases the demand for local goods and as a result of it more investment can get to occur for the local goods with which the productivity increases which adds on to the GDP and this further can get to raise the standard of economy on the whole which is desired.