How does a tariff on the import good affect a small country’s volume of trade,  terms of trade and welfare? How do these effects compare with those of a  large country? Explain your answer and use an offer curve diagram to  illustrate your logic.

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Protective Tariffs

A tariff is a kind of tax that is charged on exported and imported items. It means tariff is charged on both kinds of goods i.e., exported and imported. However, some goods may be exempted from this kind of tariff. Protective Tariffs refer to the charges which a country charged on imported goods to protect its domestic market. It also protects countries Industrialists in their Production. So, that their markets remain intact and do not get dumped by outside supply.