Asked by Hannah Silene on May 05, 2024
Verified
Tariffs
A) may be imposed either to raise revenue (revenue tariffs) or to shield domestic producers from foreign competition (protective tariffs) .
B) are also called import quotas.
C) are excise taxes on goods exported abroad.
D) are per-unit subsidies designed to promote exports.
Tariffs
Taxes imposed on imported goods and services, primarily used to protect domestic industries and to generate revenue.
Revenue Tariffs
Taxes imposed by governments on imported goods with the primary purpose of generating revenue rather than protecting domestic industries.
Protective Tariffs
Import taxes imposed by countries to protect domestic industries from foreign competition by making imported goods more expensive.
- Comprehend the objectives and impacts of excise taxes, protective tariffs, revenue tariffs, import quotas, and voluntary export restrictions.
- Recognize the effects of tariffs on domestic and foreign producers and consumers.
Verified Answer
MD
Manlikova DarinaMay 11, 2024
Final Answer :
A
Explanation :
Tariffs may be imposed for two main reasons: to raise revenue for the government (revenue tariffs) or to protect domestic industries from foreign competition (protective tariffs). Import quotas are a different trade restriction method where a limit is placed on the amount of a specific good that can be imported. Excise taxes are taxes on specific goods sold domestically, not exported abroad. Per-unit subsidies are designed to support domestic producers and promote exports, but they are not tariffs.
Learning Objectives
- Comprehend the objectives and impacts of excise taxes, protective tariffs, revenue tariffs, import quotas, and voluntary export restrictions.
- Recognize the effects of tariffs on domestic and foreign producers and consumers.