What is a tariff?

Choose 1 answer:
(A) The legal authority granted by a government to import and export goods.
(B) A tax on goods produced and sold within a country.
(C) A limit on the quantity of a good that can be imported or exported.
(D) Laws which determine where a product is from
(E) A tax on the import or export of a good

Question

What is a tariff?

Choose 1 answer:
(A) The legal authority granted by a government to import and export goods.
(B) A tax on goods produced and sold within a country.
(C) A limit on the quantity of a good that can be imported or exported.
(D) Laws which determine where a product is from
(E) A tax on the import or export of a good

Accepted Answer

∻Solution∻ ‖ a ⋮ Definition of a Tariff: A tariff is a tax imposed by a government on goods and services imported into a country. ‖ ‖ b ⋮ Incorrect Options: Options A, B, C, and D do not accurately define a tariff. Option A describes a trade license, B describes an excise tax, C describes a quota, and D describes country of origin regulations. ‖ ‖ c ⋮ Correct Option: Option E correctly defines a tariff as a tax on the import or export of a good. ‖ ∻Answer∻ ⚹ (E) A tax on the import or export of a good ⚹ ∻Key Concept∻ ⚹ Tariff ⚹ ∻Explanation∻ ⚹ A tariff is a tax on the import or export of goods, which is intended to increase the cost of imported goods and protect domestic industries from foreign competition. ⚹◊What impact do tariffs have on a country's economy in terms of consumption, production, and trade?⍭ Generate me a similar question◊

Sia