Choose the given statement is True/False

‘Tax’ on imports is known as trade promoters.

see full answer

Talk to JEE/NEET 2025 Toppers - Learn What Actually Works!

Real Strategies. Real People. Real Success Stories - Just 1 call away

An Intiative by Sri Chaitanya

True

False

answer is B.

(Unlock A.I Detailed Solution for FREE)

Ready to Test Your Skills?

Check your Performance Today with our Free Mock Test used by Toppers!

Take Free Test

Detailed Solution

The given statement is false.
Trade barriers are taxes on imports. Trade restrictions are limitations placed on exporting and importing products between nations. These trade restrictions shield indigenous businesses from foreign rivalry. Due to their affordable costs, many consumers choose imported goods over local ones. However, these imported goods become expensive if taxes are levied on them. The local manufacturers may compete on pricing with the global manufacturers, and consumers may then favour the local goods. As a result, the tax serves as a barrier to import commerce. The tax serves as the government's main source of revenue.
The correct statement would be that ‘Tax’ on imports is known as trade barriers.

Watch 3-min video & get full concept clarity

Result Producing online coaching for JEE/NEET of south India

Largest All India Test Series for JEE/NEET

Best Online Course for IIT JEE

Best Online Course for NEET

Best Online Course for CBSE