ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Quota
|
|
|
Tariff
|
|
|
Embargo
|
|
|
None of the above
|
Detailed explanation-1: -Examples for very high tariffs in China are cars and other luxury products. It is generally distinguished between three main tax/tariff categories: a value-added tax (VAT), a consumption tax and general custom duties. High taxes on imports are the most obvious way to restrict the influx of goods.
Detailed explanation-2: -Tax on imports is an example of Trade Barrier.
Detailed explanation-3: -An example of a tariff would be a tax on a good imported from another country.
Detailed explanation-4: -Examples of tariff barriers include Export duties, Specific duties, Import duties, Ad-valorem duties, Transit duties, Compound duties, Revenue tariffs, Protective tariffs, Counter-vailing and Antidumping duties, Single-column tariff, Double-column tariff.