Which of the Following Is True Concerning a Specific Tariff

question 152

Multiple Choice

Which of the following is true concerning a specific tariff?

• A) It is exclusively used by the U.S. in its tariff schedules.
• B) It refers to a flat percentage duty applied to a good's market value.
• C) It is plagued by problems associated with assessing import product values.
• D) It gives less protection to home producers during eras of rising prices.

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Definitions:

Equal Percentage Increase

A situation where all variables increase by the same proportionate rate.

Average Costs

The total cost of production divided by the number of goods produced, representing the cost per unit of output.

Diseconomies of Scale

The situation in which a firm's long-run average costs begin to increase as the firm expands output beyond a certain point.

Student Enrollment

The process by which students register for and commit to participating in educational programs or courses at an institution.