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A tariff is a duty imposed on goods when they are moved across a political boundary. They are usually associated with protectionism, the economic policy of restraining trade between nations. For political reasons, tariffs are usually imposed on imported goods, although they may also be imposed on exported goods.

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Tax placed on foreign imports to control trade and protect a nations business is also called?

tarrif


How did tarrif affect prices of imported goods?

A tariff is a tax set on imported goods.It raises the price of said goods, in order to protect local businesses.


Who gains from a tariff on a good not produced domestically?

The country importing the good. This tarrif helps the importing country by increasing tax revenue that can used for other services.


How might a country use import tariffs and quotas to control its balance of trade and payments?

It can basically be described this way..excessive trading - high purchasing power and which could be a result of "let capitalism rip" incidence where people borrow a lot of money, then government should increase tarrif on imported goods to discourage trade and regain market equilibration.. they should also increase quotas on loans to discourage borrowing and people will be more focused on paying back bad debts than borrowing more..low trading - government should reduce tax on imported products to encourage investment from foreign companies and increase consumption. they should also reduce quotas on loans to increase borrowing and thus increase purchasing power of people.. through this way they will regain market equilibrium..However, you must understand that gaining market equilibrium is not as easy as it sounds as government can control the tarrifs and quotas but they cannot control human decisions to make purchases.. it is just a form of encouragement and discouragement to try and ensure that the market is relatively within the equilibrium point.. where equilibrium point means the point at which demand equals supply in the country.. it is important in reduces excess that yield lose and also increasing supply to ensure the citizens are living in good health..


What is a protective tarrif?

Well a tariff is a tax on imported or foreign goods. example a tax on imported nuggets (danks) coming from say Mexico, or Amsterdam will be taxed by your local dealer say 60$-75$ a sack but American nuggets run about 50$ no higher for a doob-sack (optimo blunts haha)A tariff may be either tax on imports orexports (trade tariff), or a list or schedule of prices for such things as rail service, bus routes, and electrical usage (electrical tariff, etc.).The word comes from the Italian wordtariffa "list of prices, book of rates," which is derived from the Arabic ta'rif "to notify or announce."