ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -These include specific tariffs, ad valorem tariffs, compound tariffs, tariff-rate quotas, and retaliatory tariffs. A specific tariff is a tax imposed directly onto one imported good and does not depend on the value of that imported good.

Detailed explanation-2: -A tariff or duty (the words are used interchangeably) is a tax levied by governments on the value including freight and insurance of imported products.

Detailed explanation-3: -Tariffs are a form of tax applied on imports from other countries. Economists say the costs are largely passed on to consumers. They have historically been used to protect domestic industries, including agriculture and automobiles, as well as to retaliate against other countries’ unfair trade practices.

Detailed explanation-4: -A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services.