Question

Import restrictions due to the imposition of tariffs by the U.S. government will ultimately cause inefficient resource allocation in the United States. will lead to lower incomes in the economy of U.S. trade partners. will lead to a decline in the quantity of the product consumed in the United States. all of the above are likely to occur

Answer 1

all of the above are likely to occur

Step-by-step explanation:

Import restrictions would limit the amount of goods imported into the US

as a result of the restriction, the amount of goods sold to the US by its trade partners would fall, as a result, the income of US trade partners would reduce.

Also, the quantity of goods available in the US would fall and consumption would fall.

Import restrictions might lead to US producing goods and services for ehuch it has no comparative advantage in its production. This would lead to ineeficent allocation of resources.