GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the highest of all tariffs
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equal to tariffs on imported manufactured goods
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lower than tariffs on imported manufactured goods
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higher than tariffs on imported manufactured goods
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Detailed explanation-1: -Tariffs increase the price of goods and services in domestic markets by applying a tax on imported goods that is paid by the domestic importer. To cover the increased costs, the domestic importer then charges higher prices for the goods and services.
Detailed explanation-2: -A tariff is a tax levied on an imported good with the intent to limit the volume of foreign imports, protect domestic employment, reduce competition among domestic industries, and increase government revenue.
Detailed explanation-3: -The United States currently has a trade-weighted average import tariff rate of 2.0 percent on industrial goods.
Detailed explanation-4: -Tariffs are used to restrict imports by increasing the price of goods and services purchased from another country, making them less attractive to domestic consumers. There are two types of tariffs: A specific tariff is levied as a fixed fee based on the type of item, such as a $1, 000 tariff on a car.