In a Tariff Concession,one Country Promises Not to Levy a Tariff

question 1

True/False

In a tariff concession,one country promises not to levy a tariff on a given product at a level higher than agreed upon.

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Definitions:

Factory

A building or group of buildings where goods are manufactured or assembled chiefly by machine.

Selling Price

The amount of money that a seller asks for in exchange for a product or service.

Mark-up

The amount added to the cost price of goods to cover overhead and profit, resulting in the selling price.

Sweater

A knitted garment typically with long sleeves, worn over the upper body.