BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A tariff refers to the tax imposed by the government on imported goods from other countries. Tariff is imposed majorly to protect the domestic producers, but the government also imposes tariffs to reduce imports from other countries, thereby promoting the use of domestic products. Tariffs can be specific or ad valorem.

Detailed explanation-2: -A tariff is a tax on goods and services imported into a country. It is typically used to increase the price of imported goods, making them more expensive than domestic goods and services, thus protecting domestic industries.

Detailed explanation-3: -If a protective tariff is placed on an imported product, the added cost will go to the government. Efficient currency exchange markets have eliminated countertrade in global business transactions. Effective human resource management styles are transferable from one culture to another.

Detailed explanation-4: -A tariff is a tax added onto goods imported into a country; protective tariffs are taxes that are intended to increase the cost of an import so it is less competitive against a roughly equivalent domestic good.

Detailed explanation-5: -In some cases, “tariff quotas” are used to strike a balance between market access and the protection of domestic industry. Tariff quotas work by assigning low or no duties to imports up to a certain volume (primary duties) and then higher rates (secondary duties) to any imports that exceed that level.