An Example of a Tariff Is A

question 15

Multiple Choice

An example of a tariff is a:

• A)limit on the total number of Honda automobiles imported from Japan.
• B)regulation specifying that each imported Honda automobile must meet certain emission exhaust guidelines.
• C)tax of $500 on each Honda automobile produced in the United States.
• D)tax of 10% of the value of each Honda automobile imported from Japan.

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Definitions:

Raw Materials

Basic materials used in the production process to manufacture finished goods.

Raw Materials Inventory

The total cost of all the materials that are held by a company and that will be used in production.

Raw Materials Purchases

refer to the acquisition of the basic inputs required to manufacture products; these materials have yet to be processed or used in production.

Raw Materials Available

Raw materials available refer to all the materials that are in stock and ready to be used in the production process at a given time.