Asked by Riley Bynum on Jul 03, 2024
Verified
A tariff can best be described as
A) an excise tax on an imported good.
B) a government payment to domestic producers to enable them to sell competitively in world markets.
C) an excise tax on an exported good.
D) a law that sets a limit upon the amount of a good that can be imported.
Tariff
A tax imposed by a government on imports or exports of goods to regulate trade policies.
Excise Tax
A sales tax levied on a particular good or service; for example, gasoline and cigarette taxes.
Imported Good
A product or service brought into one country from another for use, sale, or consumption.
- Examine the effects of tariffs, quotas, and additional trade obstacles on global commerce and local marketplaces.
Verified Answer
SK
Samantha KuilanJul 08, 2024
Final Answer :
A
Explanation :
A tariff is an excise tax on an imported good, which raises the price of the imported good, making it less competitive with domestic goods. It is typically used as a means of protecting domestic industries and promoting economic growth.
Learning Objectives
- Examine the effects of tariffs, quotas, and additional trade obstacles on global commerce and local marketplaces.