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12-05-2024
Social Studies

Answered

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Which type of goods becomes more expensive as a result of tariffs?

Verified Answer :

GinnyAnswer GinnyAnswer

12-05-2024

Final answer:

Tariffs are taxes on imported goods that raise prices locally and have efficiency costs.

Explanation:

Tariffs are taxes imposed on imported goods, causing their prices to rise. This increase in prices affects both imported and domestically produced goods, leading to a rise in prices of local products as well. The tariff revenue generated can be beneficial for the government but comes with efficiency costs in the form of deadweight losses.

Learn more about Effect of tariffs on prices here:

https://brainly.com/question/20726052

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