Until January 1,2012,the Price for Ethanol Consumers in the United

question 50

Multiple Choice

Until January 1,2012,the price for ethanol consumers in the United States was higher than world free-market price by $0.54 per gallon because of the $0.54 per gallon tariff imposed by the U.S.government on ethanol imports.This is an example of a(n) _____ tariff.

• A) custom
• B) ad valorem
• C) specific
• D) preferential
• E) generalized

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Definitions:

Obedience

The act of following orders or directions from a figure of authority, often without question.

Conducted

The process through which something such as electricity, heat, or sound is transmitted or guided along a path.

Lowball Procedure

A technique used in sales and negotiation that involves initially quoting a lower price and then raising it after the buyer has accepted the offer.

Expensive Equipment

High-cost tools or machines, typically used for specialized tasks that require significant investment.