A tariff is
A) a government-imposed restriction on the quantity of a specific good that can be imported into the country.
B) a tax on imported goods.
C) a subsidy on domestically produced goods.
D) a voluntary agreement to restrict exports.

Question

Quizplus · Accepted Answer

A tariff is a tax on imported goods. It is imposed by the government on imported products in order to make them more expensive and less competitive with domestically produced goods. This can be done to protect domestic industries or to raise government revenue.

A Tariff Is