The most common type of tariff is the ________ tariff.
A)export
B)import
C)transit
D)ad valorem

Question

Quizplus · Accepted Answer

The most common type of tariff is the import tariff. This type of tariff is levied on imported goods and is designed to make foreign products more expensive and less competitive in the domestic market, which can help protect local industries and jobs. Import tariffs can take different forms, including specific tariffs (which are a fixed amount per unit of the imported product) and ad valorem tariffs (which are calculated as a percentage of the product's value). However, the most common form of import tariff is the ad valorem tariff.

The Most Common Type of Tariff Is the ________ Tariff