Why are tariffs imposed Economics CBSE class 11 ncert
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Why are tariffs imposed? -Economics CBSE class 11 ncert

Book: Indian Economic Development
Chapter 3: Liberalism, Privitisation and Globalisation: An appraisal
 (NCERT textbook questions)


By:Aparna-Dasgupta

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A tariff is a tax imposed on goods imported by a country to protect domestically produced goods from import competition. The imposition of tariffs increases the price of imported goods. This is because the custom duty levied by the government on such goods is an indirect tax, so its burden shifts to consumers in the form of higher prices. It makes foreign goods costlier than domestically produced goods. This practice protects domestic producers from foreign competition. Also, the government earns revenue in the form of foreign exchange by imposing tariffs on foreign goods. Tariffs can also be imposed on imported goods which are socially undesirable.

milan-ransingh

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