There Are Two Types of Tariffs: a Revenue Tariff,designed Simply

question 91

True/False

There are two types of tariffs: a revenue tariff,designed simply to raise money for the government;and a protective tariff,which raises the price of imported goods to make the prices of domestic products more competitive.

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Definitions:

Owner's Equity Statement

A financial document that shows changes in the equity interest of a business's owner(s) over a specific period.

Service Revenue

Income earned by a company for the services it provides to customers.

Salaries Payable

This refers to the amounts due to employees for services rendered that have not yet been paid at the end of an accounting period.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, and profits.