What Is the Term for a Tax on Imported Goods

question 112

Multiple Choice

What is the term for a tax on imported goods?

• A) an excise tax
• B) a tariff
• C) an import quota
• D) import tax

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Definitions:

Comparative Advantage

An economic principle that states a country or individual can produce goods at a lower opportunity cost than others, leading to more efficient global trade outcomes.

France

A country in Western Europe known for its rich history, culture, and significant contributions to art, science, and politics.

England

A country that is part of the United Kingdom, known for its rich history, cultural landmarks, and as a global financial center.

Cloth Production

The process of creating textiles or fabrics from fibers through weaving, knitting, pressing, or bonding.