A Tax on an Import Evaluated as a Percentage of the Value

question 61

Multiple Choice

A tax on an import evaluated as a percentage of the value of the import is called a(n)

• A)per unit tariff.
• B)sales tax.
• C)ad valorem tariff.
• D)specific tariff.
• E)value-added tax.

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Definitions:

Intentional Misrepresentation

Deliberate false statement by one party aimed at getting another party to enter into an agreement.

Mutual Mistake

An error made by both parties in a contract that can render the agreement void.

Negligent Misrepresentation

A false statement of material fact made by a person who thinks it is true but who would have known the truth about the fact had he or she used reasonable care to discover or reveal it.

Reasonable Care

The degree of caution and concern an ordinarily prudent and rational person would use in similar circumstances, typically used in legal contexts.