Define Tariff

question 43

Short Answer

Define tariff. What effect does a tariff have on the price of a product in the country imposing the tariff? Why would a tariff be used?

---

Definitions:

Prorated Basis

An adjustment made based on dividing something proportionally, such as payments or charges, over a specified period.

Profit-Sharing Bonus

A type of incentive given to employees, typically as part of their compensation package, where they receive a share of the company's profits.

Partnership Agreement

A contract between partners in a business that outlines the terms and conditions of the relationship, including responsibilities, profit sharing, and dispute resolution.

Profit Allocation

The process of distributing a company's profits among its shareholders, stakeholders, or partners.