A Tariff Is

question 1

Multiple Choice

A tariff is

• A) a licensing regulation that limits imports.
• B) a tax on an exported good.
• C) an agreement to restrict the volume of exports.
• D) a tax on an imported good.

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Definitions:

Normative Statement

A statement that expresses a value judgment or opinion, suggesting how things should be rather than stating factual evidence.

Moral Judgment

The process of determining the rightness or wrongness of actions, often based on ethical principles.

Opportunity Costs

The cost of missing out on the top alternative by deciding on another option.

Scarce Resources

Natural, human, and artificial resources that are limited in supply and cannot satisfy all human wants and needs.