A Tariff Is

question 54

Multiple Choice

A tariff is

• A) a subsidy on domestically produced goods.
• B) the difference between the world market price and the domestic price when a group of firms in an industry collude successfully.
• C) a tax on imported goods.
• D) a government imposed restriction on the quantity of a specific good that can be imported into the country and sold.

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Definitions:

Restrict

To limit or control the size, amount, or range of something through regulations or conditions.

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, designed to harmonize the law of sales and other commercial contracts.

Unconscionable

A term used to describe an agreement or term within an agreement that is so unjust or overwhelmingly one-sided in favor of one party that it is deemed unenforceable under the law.

Revenue-Raising

The process of generating income for a government or organization, often through taxes or fees.