WAEC Economics 2015 Theory — Question 20

Question 20 of 22 from the West African Examinations Council (WAEC) Economics 2015 Theory paper, with the correct answer and a full explanation.

8(a). What is a protective tariff?

Model answer

A protective tariff is a duty (tax) that is imposed on certain imported goods, or removed/lifted on certain locally produced goods, so as to promote local industries against foreign competition.

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