A Tariff

question 188

Multiple Choice

A tariff

• A)legally specifies maximum import or export ceilings.
• B)increases allocative efficiency.
• C)is a special tax applied only to internationally traded goods.
• D)lowers the prices of imported goods.

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Definitions:

Unreasonable Risk

Exposing individuals or groups to a level of danger or harm that is not justified by the potential benefits or is beyond what is considered acceptable under the circumstances.

Business Visitor

An individual entering a country for a short duration for business-related purposes that do not entail being part of the labor market there.

Invitee

A person who is invited onto a property for the benefit of the property owner or occupier, leading to a higher duty of care.

Tort Reform

A legal process aiming to reduce litigation or damages that plaintiffs can receive, often in an effort to reduce frivolous lawsuits.