MAKING OF A NEW NATION 1776 1800
ALEXANDER HAMILTON
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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tax on imports
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tax on exports
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sales tax
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income tax
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Detailed explanation-1: -Customs duties on merchandise imports are called tariffs. Tariffs give a price advantage to locally-produced goods over similar goods which are imported, and they raise revenues for governments.
Detailed explanation-2: -A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services.
Detailed explanation-3: -Import of Goods The integrated tax on goods shall be in addition to the applicable Basic Customs Duty (BCD) which is levied as per the Customs Tariff Act.
Detailed explanation-4: -A key point to understand is that a tariff affects the exporting country because consumers in the country that imposed the tariff might shy away from imports due to the price increase.