ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A tariff is a tax imposed by one country on the goods and services imported from another country to influence it, raise revenues, or protect competitive advantages.

Detailed explanation-2: -Customs duties on merchandise imports are called tariffs. Tariffs give a price advantage to locally-produced goods over similar goods which are imported, and they raise revenues for governments.

Detailed explanation-3: -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-4: -tariff, also called customs duty, tax levied upon goods as they cross national boundaries, usually by the government of the importing country. The words tariff, duty, and customs can be used interchangeably.

Detailed explanation-5: -A tariff is a tax on imports or exports of goods between countries. Tariffs are a form of regulation of foreign trade and a policy that taxes foreign products to encourage or safeguard domestic industry. Tariffs are specific. to each trade relation between the country of export and the country of import.