Multiple Choice Questions on What is the tax or duty on imports called ........ for 12th Standard Preparation

Indian Economic Development

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Indian Economy - Understanding the basics of Indian economic system

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.