Advalorem duty means duty imposed on the basis of ........

Economics- Phase (I & II) Consumption Function

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Advalorem duty means duty imposed on the basis of:

Per unit on the commodity

Percentage of price of the commodity

Both a and b

None of these

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Explanation:

An ad valorem tax is a tax based on the assessed value of an item, such as real estate or personal property. The most common ad valorem taxes are property taxes levied on real estate. However, ad valorem taxes may also extend to a number of tax applications, such as import duty taxes on goods from abroad.