Tarifis are 0 A. refunds given to domestic companies to help them compete with f

Question

Tarifis are 0 A. refunds given to domestic companies to help them compete with foreign competition B. O C. 0 D. special taxes levied only on imports. special taxes levied on both domestically produced and imported goods refunds given to exporters to help them compete with foreign competition Some developing countries use tariffs to while developed countries overwhelmingly use tariffs to If tarlffs are set too high 0 A, the government collects a large amount of tax revenue O B. domestic consumers will gain because they will be able to buy the lower priced domestic products ° C. no revenue will be raised because there will be no imports to tax D. domestic producers will lose profits because the taxes are too high and nobody wil buy their products

Explanation / Answer

Question 1

Tariffs refers to the duties or taxes levied on the imported goods by a country.

This is done to artificially increase the price of imported goods, so that, their quantity demanded falls and their quantity can be restricted.

This helps domestic producers to increase their market share.

Thus, tariffs are special taxes levied only on imports.

The correct answer is the option (B).

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