POST COLD WAR WORLD
INTEGRATION OF EUROPE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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tariff
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currency
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sovereign
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euro
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Detailed explanation-1: -Definition: Customs Duty is a tax imposed on imports and exports of goods.
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. Different tariffs applied on different products by different countries.
Detailed explanation-3: -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-4: -tariff, also called customs duty, tax levied upon goods as they cross national boundaries, usually by the government of the importing country.
Detailed explanation-5: -The three types of tariff are Most Favored Nation (MFN), Preferential and Bound Tariff.