Japan Imposes a $300 Per Ton Tariff on Imported Steel,raising

question 33

Multiple Choice

Japan imposes a $300 per ton tariff on imported steel,raising the price charged in Japan to $1,000.Using only this information,which of the following statements is correct?

• A)The world price for steel is $300.
• B)The world price for steel is $700.
• C)The world price for steel is $1,000.
• D)The world price for steel is $1,300.

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Definitions:

CISG

An abbreviation for the United Nations Convention on Contracts for the International Sale of Goods, a treaty that governs international commercial transactions.

Avoided

In legal or contractual contexts, refers to actions or circumstances that render an agreement invalid or not enforceable.

Resold

The act of selling an item that has previously been sold, often referring to goods bought for the purpose of resale.

Resale Price

The resale price is the amount for which goods or services are sold again to consumers or businesses after being bought from the original seller or producer.