The Two Basic Types of Tariffs Are

question 221

Multiple Choice

The two basic types of tariffs are

• A) goods and services.
• B) general and limited.
• C) comparative and absolute.
• D) revenue and protective.

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Definitions:

Products

These are items or services created through a process of production and are offered in the marketplace to satisfy consumer demand.

Break-Even Level

The point at which total revenues equal total expenses, and the business neither makes a profit nor incurs a loss.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.

Variable Cost

A cost that changes in proportion to the level of production or business activity.