___________ tariffs are those maximum duties that a country has agreed to in WTO negotiations.
A)Applied tariff
B)Bound tariff
C)Embargo
D)Punitive tariff
E)Quota

Question

Quizplus · Accepted Answer

Bound tariffs are the maximum duties that a country has committed to in WTO negotiations. Applied tariffs, on the other hand, are the actual tariffs applied to goods at a given time, which may be lower or higher than the bound tariff. Embargo is a complete ban on trade with a particular country, while punitive tariffs are imposed to penalize another country for its trade practices. Quotas are restrictions on the quantity of a particular product that can be imported or exported.

___________ Tariffs Are Those Maximum Duties That a Country Has