A tariff levied as a fixed charge for each unit of a good imported is called ad

Question

A tariff levied as a fixed charge for each unit of a good imported is called

ad valorem tariff.

minimally lower.

specific tariff.

fixed tariff.

unitary tariff.

Because of the reduction of tariff barriers under GATT and WTO, the GDP of the United States since 1947 has been

lower.

inconsistent.

higher.

minimally lower.

stayed the same.

One of the drawbacks to universal free trade in the United States mentioned in the video was

lower GDP.

increase in inflation.

lack of controls.

loss of employment.

lack of uniformity.

Explanation / Answer

The correct answer is "specific tariff".

Tariff refers to tax that are imposed by the countries on the import of foreign products. Specific tariff is charged on a fixed basis per unit of imports. This is trade barrier that reduce the imports into countries.

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