Under which of the following circumstances might the United States decide to eliminate tariffs on a particular import from another country?
if the item cannot be produced in the U.S.
Under which of the following circumstances might the United States decide to eliminate tariffs on a?
Answer Expert Verified
When there is a high demand of a product that can be produced in the US then the tariffs to imports will increase
. If on the contrary, the product is demanded but cannot be produced within the US then the tariff is eliminated so the product will not be as expensive and may be easily acquired.
Which of the following is a possible reason for a country to impose a tariff?
A tariff is a source of revenue for the government. Which of the following is a possible reason for a country to impose a tariff?
consumer surplus
.
Why does the federal government impose tariffs?
According to Dartmouth economist Douglas Irwin, tariffs have serve three primary purposes: “to raise revenue for the government, to restrict imports and protect domestic producers from foreign competition, and to reach reciprocity agreements that reduce trade barriers.” From 1790 to 1860, average tariffs increased from …
Under which of the following circumstances might the United States decide to eliminate tariffs on a particular import from another country quizlet?
Under which of the following circumstances might the United States decide to eliminate tariffs on a particular import from another country?
if the item cannot be produced in the U.S.
Who initiates the spending process?
There are five key steps in the federal budget process:
The President
submits a budget request to Congress. The House and Senate pass budget resolutions. House and Senate Appropriations subcommittees “markup” appropriations bills.
How does the role of the DOL in the economy differ from that of the SEC?
How does the role of the Department of Labor (DOL) in the economy differ from that of the Securities and Exchange Commission
(SEC)? The DOL protects workers, while the SEC oversees the stock market
. … Although the state exerts strong contorl over the economy, individuals also make many important economic decisions.
Who benefits from a tariff?
Tariffs mainly benefit
the importing countries
, as they are the ones setting the policy and receiving the money. The primary benefit is that tariffs produce revenue on goods and services brought into the country. Tariffs can also serve as an opening point for negotiations between two countries.
What are examples of non-tariff barriers?
Nontariff barriers include
quotas, embargoes, sanctions, and levies
. As part of their political or economic strategy, some countries frequently use nontariff barriers to restrict the amount of trade they conduct with other countries.
What are the types of tariff barriers?
All nations impose some restrictions in the form of tariff (i.e.,
import tariff and export tariff
) and non-tariff barriers (i.e., import quota, dumping, international cartels and export subsidies) on the free flow of international trade.
What are the two primary effects of tariff?
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.
What are the advantages and disadvantages of tariff?
| Advantages Disadvantages | More money for the government Imported goods and services become more expensive | Businesses in the home country have a better chance of competing May cause other countries to impose tariffs in response, affecting exporters |
|---|
Why do countries impose restrictions on international trade?
Generally, governments impose
barriers to protect domestic industry
or to “punish” a trading partner. … Trade barriers, such as taxes on food imports or subsidies for farmers in developed economies, lead to overproduction and dumping on world markets, thus lowering prices and hurting poor-country farmers.
Are tariffs good or bad for the economy?
Historical evidence shows that
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.
What are the reasons for trade restrictions?
- To protect domestic jobs from “cheap” labor abroad. …
- To improve a trade deficit. …
- To protect “infant industries” …
- Protection from “dumping” …
- To earn more revenue.
Who preferred lower tariffs?
Jefferson
wanted lower tariffs helping farmers keep the price of imported goods low. Jefferson believed that agriculture/farming would be the best economic engine for America.
