Describe what a tariff is and its economics effects.
Question:
Describe what a tariff is and its economics effects.
Import Restrictions:
Import restrictions are the tariff and non-tariff regulations formulated and enforced by the government of an importing economy. The prime reason for the import restrictions is limiting and controlling the goods entering the country as imports from other countries. They ensure the safety standards and quality of imported goods are at par with the government's requirements.
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View this answerA tariff is a tax that is imposed on imported commodities. The tariff is essential only if the country is an importer. A tariff increases the internal...
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Chapter 19 / Lesson 3The exchange of goods and services in international trade is subject to an array of laws, regulations, and restrictions. Explore imports and exports, understand trade agreements, and review the governing bodies that oversee international trade activities.