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JAMB Economics 1990 Question 40

Question 40

International Trade

Which of the following is a tariff?

  1. A.Limit on the amount of goods which can be imported
  2. B.Interest rate on foreign loans
  3. C.Government payment to domestic producers for exports
  4. D.Tax on imported goods
Show the answer and explanation

Answer: D (Tax on imported goods)

Explanation

A tariff is a tax (duty) on imported goods; a limit on quantity is a quota and a payment to exporters is a subsidy.