GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A tariff that prohibits imports has only
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revenue effect and protection effect
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consumption effect and protection effect
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a revenue effect and redistribution effect
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redistribution effect and consumption effect
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Explanation:
Detailed explanation-1: -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-2: -An ad-valorem tariff is levied based on the item’s value, such as 5% of an import’s value.
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