Economics

1. Specific tariff

A specific tariff is tax expressed in terms of the fixed amount of money for each physical unit of the imported product. Advantages: The government can use it as a protectionist measure for its economic when the price of goods and services are going down. Disadvantage: High valued goods often have low tariffs

Ad valorem tariffs

This import tariff is usually expressed as a fixed percentage of the goods being imported into country. Advantages: The level of tariffs imposed depend on the quantity of goods imported, where high valued goods leads to high tariff taxes hence eliminating the disadvantage associated with the specific tariffs. During the periods of inflation, the level of protection is the same for the domestic producers. Disadvantages: Determinant of the value of the imported goods may be difficult. Administrate bureaucracy may make the process of valuation of goods for tariff difficult.

Compound tariffs

It is usually a combination of both the specific tariff and ad valorem tariff to eliminate the disadvantages encountered in use of the above tariffs. Advantages: Protects the domestic suppliers and protects raw material suppliers in their supply in the market. Disadvantage: It is difficult to administer the tariffs due to the complexity involved

4. This is because developed nations often impose very low tariffs on the unfinished primary products that are exported in the international markets while they impose high tariffs on the manufactured goods that they export in the international markets. They are impose high tariffs on the finished goods from the developing country entering their markets thus giving the local manufacturers unfair advantage in the access of local and international markets

9.

I find the argument for the protection of domestic consumers from foreign imports that may endanger their health and pose threat to the environment relevant to the modern world. This is because some nations tend to...