GK
INTERNATIONAL ORGANISATIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which term is defined as a tax on imported goods?
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tariff
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quota
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embargo
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subsidy
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Explanation:
Detailed explanation-1: -Import duty is a type of tax levied on the import and specific exports of a nation’s customs authorities. The value of goods will generally decide the amount of import duty that will be imposed. Sometimes, import duty is also referred to as customs duty, import tax, import tariff, or tariff.
Detailed explanation-2: -The three types of tariff are Most Favored Nation (MFN), Preferential and Bound Tariff.
Detailed explanation-3: -Tax imposed on a country’s import from the rest of the world.
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