A Tariff Is

question 54

Multiple Choice

A tariff is

• A) a subsidy on domestically produced goods.
• B) the difference between the world market price and the domestic price when a group of firms in an industry collude successfully.
• C) a tax on imported goods.
• D) a government imposed restriction on the quantity of a specific good that can be imported into the country and sold.

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Definitions:

Redundancy

The state of being no longer needed or useful, often used in the context of job positions that are eliminated or information that is repetitive.

Iteration

The repetition of a process or set of instructions in various contexts, often used in computing and mathematics to approach a desired outcome or solution.

Elaboration

The process of adding more detail or information to a concept or idea to enhance understanding or engagement.

Estimation

The process or an instance of making a rough calculation or judgment about the value, number, quantity, or extent of something.