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- Subject
- Basic of Economicseconomics-mcqs › basic-of-economics
- Published
- 26 May 2019
- Last updated
- 28 May 2026
Explanation
Tariffs typically make imported goods more expensive, which tends to lower the overall volume of trade. Therefore, tariffs reduce trade rather than increase it or have no effect.
More Basic of Economics MCQs
Practice related questions from the same subject.
- 1.Which of the following best describes deflation?
- 2.Under what condition can two nations benefit from engaging in international trade?
- 3.Which of the following represents a legitimate form of currency?
- 4.Which political ideology is best summarized by the phrase, "From each according to his ability, to each according to his needs"?
- 5.Which type of currency experiences a decline in its exchange rate due to a continuous balance of payments deficit?
- 6.What is the standard abbreviation used to denote barrels when measuring oil?
- 7.What does the term 'commercial policy' refer to?
- 8.Which German city is recognized for hosting the world's very first automobile factory?
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