Asked by Taylor Fujimoto on May 21, 2024
Verified
A tariff is best described as a
A) tax on exported goods.
B) a tax on a good that is imported.
C) payment by the government to domestic producers to improve their competitive position in world markets.
D) transfer payment.
Tariff
A tax imposed on imported goods and services to protect domestic industries or raise government revenue.
- Comprehend the economic reasoning that justifies the implementation and consequences of tariffs and quotas.
Verified Answer
LJ
Lonwabo JamesMay 24, 2024
Final Answer :
B
Explanation :
A tariff is a tax on a good that is imported. It is imposed by the importing country's government on imported goods to raise the price of the imported goods, making them less competitive with domestic goods.
Learning Objectives
- Comprehend the economic reasoning that justifies the implementation and consequences of tariffs and quotas.