ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

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 correct answer is Custom duty. Key Points. The tax imposed on the import and export of commodities is called Custom duty. This is a form of foreign trade control and a policy that taxes foreign goods to encourage or protect domestic industry.

Detailed explanation-4: -A tariff is a tax on imported goods. Despite what the President says, it is almost always paid directly by the importer (usually a domestic firm), and never by the exporting country.

Detailed explanation-5: -A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services.