Trade Barriers Quick Check

Question

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Question
Which of the following describes a tariff?(1 point)
Responses

The U.S. bans imports and exports of machinery to and from the United Kingdom.
The U.S. bans imports and exports of machinery to and from the United Kingdom.

The U.S. taxes each piece of machinery imported from the United Kingdom.
The U.S. taxes each piece of machinery imported from the United Kingdom.

The U.S. pays U.S. producers for every piece of machinery exported to the United Kingdom.
The U.S. pays U.S. producers for every piece of machinery exported to the United Kingdom.

The U.S. limits the number of imported machinery from the United Kingdom.
The U.S. limits the number of imported machinery from the United Kingdom.
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Answer 1

The correct response that describes a tariff is:

The U.S. taxes each piece of machinery imported from the United Kingdom.

A tariff is a tax imposed on imported goods, making them more expensive and thus less competitive compared to domestic products.