1.what is tariff? 2.effect of tariff.

1.What is tariff?
Answer:
A tax imposed on amount of goods imported is called tariff.
2.effect of tariff.
Answer:
Imposition of tariff on imports causes welfare loss for the domestic country. This can be
explained by the figure below; in figure, Pw denote the world price and also the domestic price
before tariff. Now a per unit tariff of ‘t’ is imposed so that the...