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WAEC Economics 1997 Question 38

Question 38

International Trade

Tariff can be defined as a compulsory levy on

  1. A.goods that are produced and consumed locally
  2. B.foreign exchange earnings
  3. C.imported but inferior goods
  4. D.foreigners working in a country
  5. E.imports and exports
Show the answer and explanation

Answer: E (imports and exports)

Explanation

Tariffs (customs duties) are taxes on goods imported into or exported from a country.