A Tax Placed on Imports Is Known as

question 233

Multiple Choice

A tax placed on imports is known as

• A) voluntary restraint agreement.
• B) tariff.
• C) quota.
• D) infant industry.

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Definitions:

Industrialization

The development of industries in a country or region on a wide scale, transforming economies from primarily agricultural to manufacturing and production-based.

Overpopulation

A condition where an area's population exceeds its environmental carrying capacity, leading to environmental degradation and diminished quality of life.

Bourgeoisie

The social class that owns the means of production in a capitalist society, typically contrasted with the working class or proletariat.

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments determined by private decision, and by prices, production, and the distribution of goods determined mainly by competition in a free market.