Specific Tariffs Are

question 20

Multiple Choice

Specific tariffs are

• A) import taxes stated in specific legal statutes.
• B) import taxes calculated as a fixed charge for each unit of imported goods.
• C) import taxes calculated as a fraction of the value of the imported goods.
• D) the same as import quotas.
• E) import taxes calculated based solely on the origin country.

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Definitions:

Unlimited Liability

A legal structure in which the owner's personal assets can be used to pay off the business's debts without limit.

Proprietor

An individual who owns a business establishment or sole proprietorship, having full control and responsibility for its operations and profits.

Corporate Shareholders

Individuals or entities that legally own one or more shares of stock in a corporation, thus having a claim on a part of its assets and earnings.

Limited Liability

A legal structure that limits the personal financial risk of the company's shareholders to their investment in the company.