________ restrict/s imports and help/s domestic producers from foreign competition.

(A) Tariffs

(B) Quotas

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SSC GD Constable (2022) Official Paper (Held On : 16 Jan 2023 Shift 1)
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  1. Neither A nor B
  2. Both A and B
  3. Only A
  4. Only B

Answer (Detailed Solution Below)

Option 2 : Both A and B
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Detailed Solution

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The correct answer is option 2, Both A and B. Tariffs and quotas are both trade barriers that restrict imports and protect domestic producers from foreign competition. Tariffs are taxes imposed on imported goods, while quotas limit the amount of a specific product that can be imported. Both measures increase the price of foreign goods, making domestic products more competitive.
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