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TRUE OR FALSE Import tariffs increase the overall efficiency of the world economy.

TRUE OR FALSE

Import tariffs increase the overall efficiency of the world economy.

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Answer #1

Answer: False

Explanation: The objective of the import tariffs is to protect the local producers of a country from foreign competitors. Although import tariffs are considered to be pro-producers in nature, but they tend to decrease the overall efficiency of the world economy. Primary reason for this efficiency reduction is that through import tariffs, local producers are encouraged to produce more but same goods/products can be produced more efficiently elsewhere with better utilization of available resources. Thus, reducing the overall efficiency of the world economy.

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