
Understanding Tariffs
Quiz
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Others
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University
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Practice Problem
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Hard
OMKAR EDULAKANTI
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a tariff?
A type of income tax
A subsidy given to exporters
A tax imposed on imported goods
A fine for non-compliance with trade laws
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The primary purpose of a tariff is to:
Promote exports
Increase foreign competition
Raise government revenue and protect domestic industries
Encourage foreign investment
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A specific tariff is:
A fixed amount charged per unit of imported good
A percentage of the value of the imported good
A tax on domestic goods
A variable tax rate on luxury goods
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An ad valorem tariff is:
A tax on services only
A fixed charge on each good
A tax based on the value of the imported good
A quota on exports
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT an effect of tariffs?
Increase in domestic production
Decrease in imports
Fall in government revenue
Increase in prices of imported goods
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which group is most likely to benefit from tariffs?
Domestic consumers
Foreign producers
Domestic producers
International traders
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Tariffs may lead to:
Decrease in cost of living
Higher efficiency due to competition
Trade wars between countries
Increased foreign direct investment
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