JACKSONIAN DEMOCRACY 1825 1850
PRESIDENT ANDREW JACKSON
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A tax on the income of workers.
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A tax on property.
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A tax on goods produced in the US.
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A tax on goods imported from outside the US.
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Detailed explanation-1: -A tariff is a tax imposed by one country on the goods and services imported from another country to influence it, raise revenues, or protect competitive advantages.
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 United States currently has a trade-weighted average import tariff rate of 2.0 percent on industrial goods.
Detailed explanation-4: -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-5: -The most common is an ad valorem tariff, which means that the customs duty is calculated as a percentage of the value of the product.