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WAEC Commerce 1994 Question 47

Question 47

Foreign Trade

Import duty imposed on a commodity according to the quantity imported is

  1. A.ad valorem duty
  2. B.customs duty
  3. C.excise duty
  4. D.value added tax
  5. E.specific duty
Show the answer and explanation

Answer: E (specific duty)

Explanation

A specific duty is charged per unit (weight or number); ad valorem duty is a percentage of value.