What is a tariff?

Question

What is a tariff?

BlackTom AI · Accepted Answer

To answer 'What is a tariff?', let's evaluate each option in turn and unpack why it fits or does not fit the concept.
Option a: 'A tax imposed on the production or consumption of goods and services that damage the environment.' This describes an environmental tax (a Pigovian tax) aimed at correcting negative externalities, not a tariff. Tariffs are not primarily about environmental impact; they concern trade policy and borders.
Option b: 'A tax imposed on imported or exported goods and services, designed to restrict trade.' This matches the definition of a tariff: a fiscal instrument applied to cross-border goods (and sometimes services) with the effect of influencing trade flows, prices, and domestic competition. It explicitly involves cross-border goods and trade restriction goals.
Option c: 'A person who is responsible for recording the price of all goods and services that leave the country.' This sounds like a role or job related to price recording or customs valuation, but it is not the policy tool itself. A tariff is a policy instrument, not a job title.
Option d: 'A policy whereby governments do not attempt to restrict imports from, or exports to, other countries.' This describes a free-trade approach or policy of openness, which is the opposite of a tariff's typical protective aim. Tariffs are tools that restrict or modify trade, not eliminate restrictions altogether.

In summary, option b is the one that aligns with the standard definition of a tariff as a tax on cross-border goods and services intended to influence trade, while the other options describe different concepts entirely (environmental taxes, a job role, and free trade).

What is a tariff?

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What is a tariff?

View Explanation

Log in for full answers

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