Question

5) A tax on imports is also known as a ________________ and the policy of using...

5) A tax on imports is also known as a ________________ and the policy of using these
taxes to make domestic products competitive on price with imports is known as
___________________.

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

A tax on imports is also known as Tariffs, and the the policy of using these taxes to make domestic products competitive on price with imports is known as Quantitative Restriction Policies.

Tariffs:- This are basically the taxes imposed by a government on imported goods and services, in order to safeguard the local or the domestic industries. For Eg:- US govt. sometimes impose tariffs on imported leather footwears from countries like Vietnam, Philipines in order to safeguard local footwear industries.

Policy of Quantitative Restrictions :- As the name only suggests, by imposing tariffs the quantity of the goods and services that are imported are to be reduced in order to make the local industries more competitive.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. tariff that has the effect of limiting imports into a small country results in: A....
1. tariff that has the effect of limiting imports into a small country results in: A. a net loss to the exporting country but a net gain for the world. B. a net gain for the importing country and the world. C. no overall change in consumption or the world price of the product that is the subject of the tariff. D. a net loss to the importing country and the world. 2. Tariffs make imports ____________________ in domestic markets...
A country imports 5 million pounds of sugar per year and domestically produces another 5 million...
A country imports 5 million pounds of sugar per year and domestically produces another 5 million pounds. The world price of sugar is 25 cents per pound, and unlimited quantities of sugar are available at that price—the world supply curve of sugar is perfectly elastic. Assuming linear schedules, economists estimate the price elasticity of domestic supply to be 0.3 and the price elasticity of domestic demand to be 0.15 at the current equilibrium. a. Use the given price elasticity and...
Explain the so-called impossible trinity (also known as open economy trilemma). Using the diagram, discuss the...
Explain the so-called impossible trinity (also known as open economy trilemma). Using the diagram, discuss the policy alternatives of the monetary authority under different scenarios.
Protectionism refers to government policies that: A. give foreign producers tax credits in an effort to...
Protectionism refers to government policies that: A. give foreign producers tax credits in an effort to increase their exports. B. stimulate trade between countries and increase domestic producers profit. C. restrict imports of foreign products. D. restrict the output of domestic producers to keep their prices high. Which could be sources of funding for a government that wants to increase government expenditures? A. both taxes and borrowing B. neither taxes nor borrowing C. taxes only D. borrowing only When fiscal...
What are the pros and cons of using fiscal policy or monetary policy to correct an...
What are the pros and cons of using fiscal policy or monetary policy to correct an unemployment gap in the economy? What long term policies would you recommend to make the U.S. more competitive in the future?
1.A policy by which a government offers temporary protection to a domestic industry as it adjusts...
1.A policy by which a government offers temporary protection to a domestic industry as it adjusts to increased competition from imports is a(n): A.import-resistance policy. B.infant industry policy. C.protectionist policy. D.safeguard policy. 2.An export subsidy usually: A.discourages domestic buyers from importing substitute products at lower prices than the subsidized domestic product. B.lowers the price paid for a product by foreign buyers relative to the price that domestic consumers pay for the subsidized product. C.increases the world price of the product,...
consider a $5 tax on insulin, a critical medicine for diabetics, and a $5 tax on...
consider a $5 tax on insulin, a critical medicine for diabetics, and a $5 tax on perfume. Both products sell for about $50, and about one million units of each are purchased. Which of the following best describes the impact of these two taxes? the consumer price of insulin would rise less than the consume price of perfume the consumer price for both goods would fall the consumer price of both goods would rise by the same amount the consumer...
ndustrial policy is the idea that governments using taxes, _____, regulations, and coordination of the private...
ndustrial policy is the idea that governments using taxes, _____, regulations, and coordination of the private sectors provide domestic industries a competitive advantage over foreign competitors. a. deregulations b. price floors c. subsidies d. price ceiling _____ seeks to answer particular questions or to apply scientific discoveries to new product development. a. Pragmatic research b. Basic research c. Applied research d. Quantitative research In which of the following ways can technological change possibly increase unemployment in a country? a. By...
1- Suppose fiscal policy makers pass a budget that cuts taxes in the current period and...
1- Suppose fiscal policy makers pass a budget that cuts taxes in the current period and are expected to cut taxes in the future. Use the IS-LM model to illustrate graphically and explain the effects of this policy on current output and the current interest rate. 3- What are the differences between the real exchange rate and nominal exchange rate? 4- Explain the difference between gross domestic product and gross national product 3- What are the differences between the real...
Country A currently imports solar panels at $30,000 each. The government is using only 10% of...
Country A currently imports solar panels at $30,000 each. The government is using only 10% of the program as domestic content, exporting clean energy to neighboring countries. Country B imports also solar panels at $25,000 each, but uses 70% of the program as domestic content. If both countries produced solar panels home, the costs would have reached $25,000 for country A and $20,000 for country B, but there would have been an initial shakedown period during which solar panels would...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT