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Indian Economy 1950-1990 — Economics STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEconomicsIndian Economy 1950-19903 Marks
Question
Explain how tariffs and quotas protect the domestic industry?
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Answer

Tariffs are tax imposed on imported good. They make imported goods more expensive, thus, discouraging their use. Quotas specify the quantity of goods which can be imported, thus restricting the import of foreign goods.

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