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What Is a Tariff? Explain the Reason for Removing Tariffs

question 58

Essay

What is a tariff? Explain the reason for removing tariffs and the effects of governments raising tariff barriers. Then explain whether you believe tariffs are wise in most cases.


Definitions:

Contract

An agreement based on mutual promises between two or more competent parties to do or to refrain from doing some particular thing that is neither illegal nor impossible. The agreement results in an obligation or a duty that can be enforced in a court of law.

Warranty of Fitness

An assurance that a product or service is suitable for the specific purpose for which it was bought, often implied in sales contracts.

Bicycle Shop

A retail business specializing in the sale, repair, and sometimes rental of bicycles and related accessories and components.

Gear Shift

A mechanical device in vehicles used to change gears manually, allowing the driver to control the vehicle's speed and power.

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