Which of the Following Statements Is True with Respect to a Tariff

question 43

Multiple Choice

Which of the following statements is true with respect to a tariff on imported cheese?

• A) It lowers the price of cheese.
• B) It lowers domestic cheese producers' profits.
• C) It creates tax revenues for the government.
• D) It cannot result in retaliation.

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Definitions:

Risk Of Loss

A legal term referring to the responsibility for damage or loss of goods, typically determining who bears the risk at various points during a transaction.

Possession

The state or fact of owning or holding something in one’s control, typically physical objects, but can also refer to rights.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, aimed at harmonizing the law of sales and other commercial transactions.

Common Law

A legal system characterized by judicial decisions based on customs and prior judicial judgments, rather than by written statutes or codes.