Tariffs refer to
A) government payments to companies or industries that primarily serve to create competitive advantage for domestic products.
B) government taxes on goods or services entering a country that primarily serve to raise prices on imports.
C) a restriction placed on the amount of a product allowed to enter or leave a country.
D) a minimum requirement for the purchase between two or more nations of products or services.
E) a refusal to purchase or exchange goods or services with another nation unless certain financial or ideological requirements have been satisfied.

Question

Quizplus · Accepted Answer

Tariffs are government taxes on goods or services entering a country that primarily serve to raise prices on imports. They are meant to encourage consumers to purchase domestic products instead of imported ones, and to protect domestic industries.

Tariffs Refer to