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Sample Research Paper on Business and Government

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Sample Research Paper on Business and Government

A tariff or duty refers to the tax imposed by governments on the value of imports that include their insurance and freight expenses. Different countries impose varied tariffs where some have high and others have relatively low duties and taxes. Small countries experience different ripple effects as from large countries when they exercise duties on imports. To begin with, when small countries impose tariffs the effects trickle down to the consumers (Reuvid& Sherlock, 2011). The end consumers are in dire situations as tariff discourages imports reducing competition locally. Local produces charge heavily and both imported goods and domestic substitutes reduces consumer surplus in the market. As mentioned, local producers of the importing country are better-off as prices increases, entrant of new firms, and lack of competition or supplement goods; hence, there is producer surplus(Lechner, 2009). Tariffs also helps the government as they are away of earning revenue; however, high duties may discourage foreign traders cutting the availability of tariff revenue. Generally, the country experiences a negative welfare due to inefficiency production and consumption loss.

On the other hand, the effects of tariffs on large countries differ from those of a small country. The increment in prices and lack of substitutes due to tariffsdecreases the consumer surplus. This leads to the exit of foreign firms making the local producers increase price and enjoy higher profits. There is also increase in local firms resulting to high employment rates, high production rate, and increased exports. The government benefits by receiving tariffs which support government expenditure and the welfare of the country is affected positively as positives outweigh the negatives(Reuvid& Sherlock, 2011).

Quotas refer to the numeric limit on how much products will be imported. Both tariff and quotas act as regulating measures for the government to control imports. However, the government prefers the use of tariff to that of quotas due to the following reasons. Firstly, tariffs generate revenue for the government since quotas only limits the number of imports. According to the Progressive Policy Institute, the United States collects around 20 billion dollars in terms of revenues(Lechner, 2009). Secondly, quotas prevent importation since there is a limitation of the number to be imported; local producers will then be affected as they cannot buy raw materials from foreign firms. This will trickle down to local production as some raw materials are found across borders hence; tariffs are better way of restricting imports.

Weak dollar at some point can salvage the U.S.A economy based on an array of facts. The U.S exporters enjoy weakening of the dollar as it helps their commodities to compete fairly in the international market with other cheap products. With the government debt experienced in U.S., huge export is favorable in settling such debts(Reuvid& Sherlock, 2011). Manufacturers also enjoy a weaker dollar as they will be able to sustain production through cheaper raw materials and affordable labor. A weak dollar also attracts foreign investors who bring substitute goods that may be offered at lower prices as compared to the local products.

The IMF and WTO play a significant role in the levy of tariffs in international trade. WTO specifically deals with trade negotiations by ensuring there is commitment of every member state to lower their custom tariffs and other barriers of trade (Lechner, 2009). These organizations also ensure transparency by scrutinizing trading policies among countries. WTO and IMF also act as mediators in cases of disputes that arise during international trade(Reuvid& Sherlock, 2011).


Lechner, F. J., (2009). Globalization: the Making of World Society. 1st ed. Singapore: Utopia Press Pte. Ltd.

Reuvid, J. and Sherlock, J., (2011). International Trade: An Essential Guide to the Principles to the Principles and Practice of Export. 1st ed. India: Kogan Page Publishers, Inc..


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