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Import Tariffs Are a Principle Instrument of Trade Intervention

question 37

Essay

Import tariffs are a principle instrument of trade intervention. In a short essay, briefly describe the five main types of import tariffs, and discuss the main consequences of government intervention.


Definitions:

Vacuum Booster

A device that uses engine vacuum to increase the force applied to the brake pedal, thereby enhancing braking power and efficacy.

Electronic Stability Control

A safety technology that automatically detects and reduces loss of traction (skidding), helping to prevent the vehicle from veering off course.

Antilock Brake Systems

A safety system in vehicles that prevents the wheels from locking up during braking, allowing the driver to maintain steering control.

Permanent-Magnet Wheel Speed Sensor

A sensor that uses a permanent magnet to detect wheel speed, often used in anti-lock braking systems.

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