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Define tariffs-free trade and currency fluctuation

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Reference no: EM133235669

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)

Reference no: EM133235669

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