Question

Which of these best describes a trade tariff?

Answer 1

The correct answer is A. A tax imposed upon all imported good and services

Explanation:

In economics, a tariff refers to a tax imposed in certain types of goods and services. In the case of trade tariffs, these are commonly imposed by the government on products and services that are from other countries or those products or services that are imported. This means a trade tariff is a tax imposed upon imported products and goods (Option A). Additionally, governments impose trade tariffs because in this way they protect the domestic national market by guaranteeing to buy national and local products is more accessible.

Answer 2

The option that best describes a trade tariff is option A. Trade tariff refers to a tax imposed upon all imported good and services.

A tariff is a tax on imports or exports. Money collected under a tariff is called a duty or customs duty. Tariffs are implemented by governments in order to generate revenue or to protect domestic industries from competition.

The purpose of tariffs is to restrict imports by increasing the price of goods and services purchased from overseas and making them less attractive to consumers.