Understanding Tariffs

Understanding Tariffs

University

10 Qs

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Understanding Tariffs

Understanding Tariffs

Assessment

Quiz

Others

University

Practice Problem

Hard

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10 questions

Show all answers

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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