Which term refers to a tariff or duty assessed as a percentage of an item's value?

Name: Which term refers to a tariff or duty assessed as a percentage of an item's value?
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Question

Quizplus · Accepted Answer

An ad valorem duty is a tariff or duty assessed as a percentage of an item's value. Specific duty is a fixed amount charged per unit of a good, effective tariff combines both ad valorem and specific duties, and compound tariff is a combination of different types of tariffs applied to a product.

Which Term Refers to a Tariff or Duty Assessed as a Percentage