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:

Transportation Systems

The infrastructure and operations that facilitate the movement of people and goods from one location to another.

Rational Individual

This term describes an entity in economic models who makes decisions by logically assessing options to achieve the most favorable outcome according to their preferences and information.

Air Travel

The act of traveling from one place to another via an aircraft.

Minimum Value

The lowest possible amount, price, or level that something can reach.