you wanted to set up a business importing amber from Latvia to the United States,you would have to plan on paying the U.S.Customs Service roughly 20 percent of the value of the product as a(n)__________.
A) bribe
B) tariff
C) subsidy
D) excise tax
E) quota

Question

Quizplus · Accepted Answer

A tariff is a tax imposed on imported goods by the importing country's government, often to protect domestic industries from foreign competition. The tariff rate is usually a percentage of the product's value. In this scenario, the U.S. Customs Service would impose a tariff of approximately 20 percent on the value of the imported amber from Latvia.

You Wanted to Set Up a Business Importing Amber from Latvia