Question

In a common market, members are required to pay a ________ tariff if they import goods from nonmember countries.

A) Import
B) Export
C) Trade
D) Customs

Answer 1

Tariffs are taxes that governments impose on imported goods to protect domestic industries and raise revenue.

Step-by-step explanation:

Tariffs are taxes that governments impose on imported goods and services. They are used to raise revenue and protect domestic industries by making foreign goods more expensive.

For example, in recent years, large, flat-screen televisions imported to the U.S. from China have faced a 5% tariff rate.