Asked by Huseyin Baykal on Jul 26, 2024
Verified
A tariff is:
A) a tax on imports.
B) a legal limit on quantities of goods that can be imported.
C) a voluntary limit on quantities of goods that can be imported.
D) a quality restriction on imports.
E) a subsidy for exports.
Tariff
A tax on imports.
Subsidy
Financial support provided by the government to businesses, individuals, or other entities, aimed at promoting economic activities or ensuring the affordability of basic goods.
- Recognize the effects that trade measures like tariffs and quotas have on national economies.
Verified Answer
KM
Kristian MaustAug 01, 2024
Final Answer :
A
Explanation :
A tariff is a tax on imports, which makes foreign goods more expensive and less competitive in the domestic market, thereby protecting domestic industries from foreign competition.
Learning Objectives
- Recognize the effects that trade measures like tariffs and quotas have on national economies.