QUESTION 1. Consider two countries: South Korea and New Zealand and two goods: Lamb and Air Pumps. South Korea imports $210 million worth of lamb from New Zealand and exports $10 million worth of lamb to New Zealand. On the other hand, New Zealand imports $60 million worth of air pumps from South Korea and exports $20 million worth of air pumps to South Korea. What is the inter-industry trade measure between these two countries? (a) 2/3. (b) 1/5. (c) 4/5. (d) 1/3.  Explain why.

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Protective Tariffs

A tariff is a kind of tax that is charged on exported and imported items. It means tariff is charged on both kinds of goods i.e., exported and imported. However, some goods may be exempted from this kind of tariff. Protective Tariffs refer to the charges which a country charged on imported goods to protect its domestic market. It also protects countries Industrialists in their Production. So, that their markets remain intact and do not get dumped by outside supply.