Question

in addition to the production and consumption side deadweight losses, what are some of the other potential costs of tariffs?

Answer 1

The another potential cost of tariffs are they raise the price of imported goods.

What are imported goods?

• Imported goods are those goods which the government purchases from the international market form the foreign country at higher prices.
• Imports are products or services manufactured abroad and purchased in your home country.
• Imported goods and services are attractive when domestic industries cannot produce similar goods or services cheaply or efficiently.
• Exports are goods sold in foreign markets and imports are foreign goods purchased in domestic markets.
• Imports and exports are important for economic development and growth because not all countries have the necessary resources and skills to produce certain goods and services.
• These are those goods which comes inside in our country from the foreign land.

Thus, when imports are higher it increases the cost of tariffs.

To know more about imported goods refer to:

brainly.com/question/1158872

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