What Is a Tariff

question 110

Multiple Choice

What is a tariff?

• A)A limit placed on the quantity of goods that can be imported into a country.
• B)A tax imposed by a government on goods imported into a country.
• C)A subsidy granted to importers of a vital input.
• D)A health and safety restriction imposed on an imported product.

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Definitions:

Fraudulently Misrepresentation

An intentionally false representation of fact made by one party to another, with the intent to deceive and for the purpose of inducing the other party to act or refrain from acting in reliance on it.

Rescind

The legal act of canceling, revoking, or annulling a contract or agreement, effectively bringing it to an end.

Damages

Monetary compensation awarded by a court to a person who has suffered loss or harm as a result of another's action or inaction.

Statutory Amount

A specific sum of money that is prescribed by statute or law for various purposes.