A Tariff Is A

question 129

Multiple Choice

A tariff is a:

• A) tax on imports.
• B) subsidy on exports.
• C) restriction on the quantity of domestic goods consumed by foreigners.
• D) restriction on the quantity of imports from foreign producers.

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Definitions:

Price

The financial value anticipated, necessitated, or offered in return for a service or good.

Income

Money received on a regular basis from work, property, business, investment, or welfare.

Utility Function

A tool used in economics to represent a consumer's preference structure across different bundles of goods.

Budget Constraint

The limits imposed on household choices by income, wealth, and product prices.