The Rice Millers' Association claims that if the Japanese government would remove the tax on imported North American rice, Japanese consumers would save $6 billion annually. What is this tax an example of?
A)an embargo
B)a tariff
C)an import quota
D)a transfer fee

Question

Quizplus · Accepted Answer

The tax on imported North American rice is an example of a tariff, which is a tax imposed on goods as they are imported into a country. The removal of this tax would lower the cost of rice for Japanese consumers, resulting in an annual savings of $6 billion. Embargoes and import quotas are different types of trade barriers that restrict the flow of goods between countries, while a transfer fee is not relevant to this scenario.

The Rice Millers' Association Claims That If the Japanese Government