Question

Tariffs are a tax placed on

Answer 1

Answer:

imported; an advantage; more

Explanation:

Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.

Basically, trade can be categorized into two (2) main groups and these are;

I. Import: this involves bringing in goods from a foreign country to sell in a different (domestic) country.

II. Export: it involves the sales of goods produced in a domestic country to a foreign country.

A tariff can be defined as tax levied by the government of a country on goods and services imported from another country.

This ultimately implies that, tariffs are a tax placed on imported

goods and are used to give domestically produced goods an advantage in the market.

As a result of tariffs, imported goods become more expensive for consumers.