Tariffs

question 230

Multiple Choice

Tariffs:

• A) completely prevent international trade from occurring.
• B) were the primary source of federal government revenue in the 1800s.
• C) are the primary source of federal government revenue today.
• D) are used less often than quotas.

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Definitions:

Consideration

Something of value given by all parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Fraudulent Misrepresentation

False statements made intentionally to deceive, typically leading to harm or loss, and which may be grounds for legal action.

Rescinded

To revoke, cancel, or repeal a law, order, or agreement.

Non Est Factum

A defence that may allow illiterate or infirm persons to avoid liability on a written agreement if they can establish that they were not aware of the true nature of the document, and were not careless in its execution.