The Difference Between a Specific Tariff and an Ad Valorem

question 172

Multiple Choice

The difference between a specific tariff and an ad valorem tariff is that a specific tariff

• A)is a set amount of money per unit of a product, while an ad valorem tariff is a set percentage of product price
• B)is a set percentage of product price, while an ad valorem tariff is a set amount of money per unit of a product
• C)names a particular good to which the tariff applies, while an ad valorem tariff applies to large classes of products
• D)applies only to imports, while an ad valorem tariff applies only to exports
• E)sets a strict quota limit on the amount one individual can purchase, while an ad valorem tariff sets no such limit

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Definitions:

Disaffirmance

The legal right of a party, typically a minor or someone under duress at the time of contract formation, to renounce or void a contract.

Misrepresentation of Age

The act of intentionally providing false information about one's age, typically for the purpose of accessing age-restricted goods, services, or privileges.

Intoxicated

A state of being impaired, typically due to the consumption of alcohol or drugs, affecting one's cognitive and physical abilities.

Voidable Option

A contract provision that allows one party to void the contract under certain circumstances, making it enforceable at the discretion of one party.