True. When restrictions are imposed, the quantity of imports will decrease, resulting in a smaller trade deficit (the sum of the total value of imports and exports).
What is it called when import restrictions are imposed?
A tariff is a tax a nation imposes on goods and services imported from another nation in order to influence that nation, generate revenue, or safeguard its competitive advantages.
How do trade restrictions affect things?
Free trade can be hindered, rich nations favored, product choices restricted, prices increased, net income decreased, employment decreased, and economic output decreased as a result of trade barriers. Due to the government's strong influence over the law, it is often used as a trade barrier.
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