BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Trade ensures efficient allocation of resources and enables the low cost of production and lower prices, but it does not help improve equality.

Detailed explanation-2: -Historical evidence shows tariffs raise prices and reduce available quantities of goods and services for U.S. businesses and consumers, which results in lower income, reduced employment, and lower economic output. Tariffs could reduce U.S. output through a few channels.

Detailed explanation-3: -Tariffs are used to restrict imports. Simply put, they increase the price of goods and services purchased from another country, making them less attractive to domestic consumers. Governments impose tariffs to raise revenue, protect domestic industries, or exert political leverage over another country.

Detailed explanation-4: -Tariffs have three primary functions: to serve as a source of revenue, to protect domestic industries, and to remedy trade distortions (punitive function). The revenue function comes from the fact that the income from tariffs provides governments with a source of funding.