A Tariff Is

question 94

Multiple Choice

A tariff is

• A) a limit on the quantity of a good that can be imported into a country.
• B) a tax on imports.
• C) a government payment made to domestic firms to encourage exports.
• D) a payment made by the government to producers of the product.

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Definitions:

Mutually Exclusive

Events that cannot occur at the same time, meaning the occurrence of one event makes it impossible for the other event to occur.

Exhaustive

Pertaining to a comprehensive or complete method or approach that leaves no aspect unexplored or unaddressed.

Independent Events

Two or more events where the occurrence or outcome of one event does not affect the occurrence or outcome of another.

Intersection of Events

The set containing all the outcomes that are common to two or more events in probability and statistics.