Question: Please answer these question in small paragraph Define tariffs What is the impact of charging a tariff on imported products? Why do governments make use

Please answer these question in small paragraph

  1. Define tariffs
  2. What is the impact of charging a tariff on imported products?
  3. Why do governments make use of tariffs?
  4. Define free trade.
  5. Under a free Trade Agreement, how are tariffs affected?
  6. Define currency fluctuation.
  7. List 2 observations about the impact of having a Canadian dollar that is worth less than an American dollar.
  8. At an exchange rate of $1 USD = $1.18 CDN, what is the value in Canadian dollars of a product that is purchased for $15 million USD? What if the CDN dollar is worth $1.05? Finally, at $1.45? (Search for a currency converter online to do this exercise)

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