Most Tariffs Imposed by Developed Countries Are ________

question 82

Multiple Choice

Most tariffs imposed by developed countries are ________.

• A) transit tariffs
• B) specific tariffs
• C) ad valorem tariffs
• D) compound tariffs

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Definitions:

Net Income

The net income of a business once all costs, such as operational expenditures and taxes, have been deducted.

Revenue

The total amount of money received by a company for goods sold or services provided during a specific period.

Expense

An outflow of money to another person or entity to pay for an item or service or for a category of costs.

Owner's Capital Account

An equity account on a company's balance sheet representing the owner's invested funds plus the net income minus the withdrawals by the owner.