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What is the tax or duty on imports called?
Tariff
Quota
Export
None of these
- Option 1: Tariff
- A tariff is a tax or duty imposed by a government on goods and services imported from other countries.
- It is used to restrict imports by increasing the price of goods and services purchased from overseas, making them less attractive to consumers.
- Option 2: Quota
- A quota is not a tax.
- It is a limit on the quantity of goods that can be imported or exported during a specified period.
- Quotas are used to control the volume of trade.
- Option 3: Export
- Export refers to sending goods or services to another country for sale.
- It is not related to taxes or duties on imports.
- Option 4: None of these
- This option implies that none of the definitions fit the description, which is incorrect here.
By: santosh ProfileResourcesReport error
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