Which of the following is true concerning a specific tariff?
A. It is exclusively used by the U.in its tariff schedules.
B. It refers to a flat percentage duty applied to a good's market value.Itreferstoaflatpercentagedutyappliedtoagood'smarketvalue.
C. It is plagued by problems associated with assessing import product values.
D. it affords less protection to home producers during eras of rising prices.
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The principal benefit of tariff protection goes to:
A. Domestic consumers of the good produced
B. Domestic producers of the good produced
C. Foreign producers of the good produced
D. Foreign consumers of the good produced
Which of the following policies permits a specified quantity of goods to be imported at one tariff rate and applies a hinger tariff rate to imports above this quantity?
A. Tariff quota
B. Import tariff
C. Specific tariff
D. Ad valorem tariff
Assume the United States adopts a tariff quota on steel in which the quote is set at 2 million tons, the within-quota tariff rate equals 5 percent, and the over-quota tariff rate equals 10 percent. Suppose the U.S. imports 1 million tons of steel. The resulting revenue effect of the tariff quota would accrue to:
A. The U.government only
B. U.importing companies only
C. Foreign exporting companies only
D. The U.government and either U.importers or foreign exporters
When the production of a commodity does not utilize imported inputs, the effective tariff rate on the commodity:
A. Exceeds the nominal tariff rate on the commodity
B. Equals the nominal tariff rate on the commodity
C. Is less than the nominal tariff rate on the commodity
D. None of the above
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