Asked by Radhika Pande on Jun 01, 2024
Verified
A tariff is
A) a limit on the quantity of a good that can be imported into a country.
B) a tax on imports.
C) a government payment made to domestic firms to encourage exports.
D) a payment made by the government to producers of the product.
Tariff
A tax imposed by a government on goods and services imported from other countries to protect domestic industries or to generate revenue.
- Learn about the mechanisms and effects of tariffs and quotas within the context of international trade.
Verified Answer
HM
Henna MirzaJun 01, 2024
Final Answer :
B
Explanation :
A tariff is a tax imposed by a government on goods and services imported from other countries, which increases the price of imported goods, making them less competitive compared to domestic products.
Learning Objectives
- Learn about the mechanisms and effects of tariffs and quotas within the context of international trade.