If you wanted to set up a business importing amber jewelry 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

Tariff is a tax on imported goods, set up by the government to increase the price of foreign products, making the domestic products' prices more competitive. Therefore, to set up a business importing amber jewelry from Latvia, one needs to plan on paying the U.S. Customs Service the tariff, which is roughly 20 percent of the value of the product.

If You Wanted to Set Up a Business Importing Amber