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If the world price is $40, a specific tariff of $10 is equivalent to an ad valorem tariff of
Intangible Assets
Assets that lack physical substance but possess economic value, such as patents, copyrights, and trademarks.
Copyright
The exclusive right to publish and sell a literary, artistic, or musical composition.
Long-Lived Assets
Assets with a useful life of more than one year, typically including property, plant, and equipment, which are used in the operations of a business.
Land Improvements
Enhancements made to a piece of land to increase its value or functionality, such as landscaping, fencing, and adding utilities.
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