A Tax on an Imported Good Is Called a

question 48

Multiple Choice

A tax on an imported good is called a

• A)quota.
• B)tariff.
• C)supply tax.
• D)trade tax.

---

Definitions:

Marginal Resource Cost

The additional cost incurred by acquiring one more unit of a resource, such as labor or raw materials.

Input Decrease

A reduction in the amount, quality, or efficiency of any raw material, capital, or labor used in the production process.

Derived Demand

Demand for a factor of production or good that results from the demand for another related good or service.

Substitution Effect

The change in consumption patterns due to a shift in relative prices that makes one product more economically attractive than another.