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Topic 3: Trade Policy


1) What are the popular measures that countries adopt to restrict free (costless) trade? : The popular measures that countries adopt to restrict free (costless) trade are import tariffs, import quotes, export subsidies and voluntary export restraints
2) What is an import tariff? : An import tariff is a tax levied when a commodity is imported
3) What is the difference between a specific tariff and an ad valorem tariff? : A specific tariff is a tax imposed on per unit of the commodity imported whereas an ad valorem tariff is a tax as a fraction of the value of the imported good
4) What do tariffs do? : Tariffs increase the cost of import and is used to deter import to protect the domestic industry and generate revenue to the government
5) What did the United Kingdom use tariffs for in the early 19th century? : In the early 19th century, the United Kingdom used tariffs (the famous corn laws) to protect its agriculture from import competition
Created on: 5/17/2017
# of questions: 86


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