ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A limit on the amount of foreign goods that can come into a country.
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Anything that slows downs or prevents one country from exchanging goods with another.
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A tax placed on goods when they are brought into one country from another country.
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Products a country makes best that are demand on the world market.
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Detailed explanation-1: -A tariff is a tax imposed by one country on the goods and services imported from another country to influence it, raise revenues, or protect competitive advantages.
Detailed explanation-2: -What Is a Tariff? Tariffs are taxes imposed by one country on goods or services imported from another country. Tariffs are trade barriers that raise prices and reduce available quantities of goods and services for U.S. businesses and consumers.
Detailed explanation-3: -These include specific tariffs, ad valorem tariffs, compound tariffs, tariff-rate quotas, and retaliatory tariffs. A specific tariff is a tax imposed directly onto one imported good and does not depend on the value of that imported good.
Detailed explanation-4: -The three types of tariff are Most Favored Nation (MFN), Preferential and Bound Tariff.
Detailed explanation-5: -tariff, also called customs duty, tax levied upon goods as they cross national boundaries, usually by the government of the importing country. The words tariff, duty, and customs can be used interchangeably.