Lower Prices to the Buyer May Also Mean Lower Tariffs

question 62

Multiple Choice

Lower prices to the buyer may also mean lower tariffs, because most tariffs are levied on a(n) ________ basis.

• A) specific
• B) alternative
• C) accrual
• D) shorter, lower
• E) ad valorem

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Definitions:

UCC

The Uniform Commercial Code, a set of laws that regulate sales and commercial transactions in the United States.

Express Warranties

Explicitly stated assurances provided by a seller to a buyer regarding the quality, condition, or performance of a product or service.

Express Warranty

is a seller’s promise or guarantee that a product will meet certain quality and reliability standards, explicitly stated in the contract or sales agreement.

Credit

The ability of a consumer to obtain goods or services before payment, based on the trust that payment will be made in the future.