Import Tariffs Are a Principal Instrument of Trade Intervention

question 80

Essay

Import tariffs are a principal instrument of trade intervention. In a short essay, briefly describe the five main types of import tariffs.

---

Definitions:

Window Washer

An individual or service specializing in cleaning the windows of buildings, often requiring specialized equipment for high rises.

Skyscraper

A tall, continuously habitable building of many floors, usually designed for office, commercial, and residential use.

Efficiency Wage

A higher-than-market wage paid by employers to increase worker productivity, loyalty, and reduce turnover.

Market Failure

A situation in which the market does not allocate resources efficiently, leading to a loss of economic and social welfare.