ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A tariff is another word for which term below?
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Tax
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Limit
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -duty. nountax on foreign goods. assessment. custom. customs.
Detailed explanation-2: -A tariff or duty (the words are used interchangeably) is a tax levied by governments on the value including freight and insurance of imported products.
Detailed explanation-3: -The Smoot-Hawley Tariff Act raised the United States’s already high tariff rates. In 1922 Congress had enacted the Fordney-McCumber Act, which was among the most punitive protectionist tariffs passed in the country’s history, raising the average import tax to some 40 percent.
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