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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Describe what a tariff is and its economics effects.

To determine

The tariff and its economic effects.

Explanation

The tariff is the tax or the duty imposed on the commodity which is imported to the country by its government. Thus, when the domestic price is higher than the foreign price, the country will import commodities and the tariff on them will increase the price of the commodities...

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