A tariff is a tax imposed on imports or exports. It is a tool used by the government to protect domestic industries by making foreign goods more expensive and less competitive in the local market. It can also be used to raise revenue and regulate trade relations with other countries.

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What Is a Tariff

Question 55

Multiple Choice

What is a tariff?

A) A tariff is a tax imposed on imports or exports.
B) A tariff is a levy imposed on agricultural imports.
C) A tariff is an insurance payment against macroeconomic shocks.
D) A tariff is a penalty imposed on emerging industrial conglomerates.

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