A Tariff Is

question 14

Multiple Choice

A tariff is

• A) a government imposed limit on the amount of a good that can be exported from a nation.
• B) an agreement between governments to limit exports from a nation.
• C) a tax on a good imported into a nation.
• D) a government imposed barrier that sets a fixed limit on the amount of a good that can be imported into a nation.

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Definitions:

Median Income

The middle value of income in a given population, such that half earn more and half earn less.

Poverty Rate

The poverty rate is a statistical measure that estimates the percentage of the population living below the poverty line, based on income or consumption levels.

World's Population

The total number of people living on Earth at a given time, which is subject to change due to birth rates, death rates, and migration patterns.

Government Assistance

Programs and services provided by the government aimed at supporting individuals, groups, or sectors in need, including welfare, subsidies, and grants.