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1.what is tariff? 2.effect of tariff.

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1.what is tariff? 2.effect of tariff.
Answered Same Day Dec 31, 2021

Solution

David answered on Dec 31 2021
128 Votes
1.What is tariff?
Answer:
A tax imposed on amount of goods imported is called tariff.
2.effect of tariff.
Answer:
Imposition of tariff on imports causes welfare loss for the domestic country. This can be
explained by the figure below; in figure, Pw denote the world price and also the domestic price
efore tariff. Now a per unit tariff of ‘t’ is imposed so that the...
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