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Q.

Choose the given statement as true/false:

Imposing taxes on imports will decrease foreign trade.

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a

True

b

False

answer is A.

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Detailed Solution

The above statement is true.
The imposing of taxes is, in fact, a barrier against free trade. This creates an unfavourable environment for the free flow of goods and services as the countries or companies trying to import their goods to the country are forced to pay more taxes, which would discourage them from doing so. The government uses trade barriers such as these to control and regulate the flow of foreign trade and investment. By choosing the appropriate measures, they can either increase or decrease foreign trade, and imposing taxes will decrease, not increase the trade flow.

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