Which of the Following Is a Tax That a Government

question 102

Multiple Choice

Which of the following is a tax that a government imposes on goods imported into one country from another?

• A)Inflation
• B)Tariff
• C)Interest rates
• D)GATT
• E)All of the choices are correct

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Definitions:

Inferior Good

An economic term for a good whose demand decreases as the consumer's income increases, contrasting with normal goods.

Equilibrium Quantity

The quantity of goods or services supplied that is equal to the quantity demanded at the market price.

Normal Good

A normal good is a type of good for which demand increases as the income of individuals increases.

Equilibrium Price

The rate at which the product's supply equals its demand in the market.