Tariffs refer to

a refusal to purchase or exchange products or services with another nation unless certain financial or ideological requirements have been satisfied.

government taxes on products or services entering a country that primarily serve to raise prices on imports.

government payments to companies or industries that primarily serve to create competitive advantage for domestic products.

a minimum requirement for the purchase between two or more nations of products or services.

a restriction placed on the amount of a product allowed to enter or leave a country.

Question

Business

Kenyon

30 July, 02:45

Tariffs refer to

a refusal to purchase or exchange products or services with another nation unless certain financial or ideological requirements have been satisfied.

government taxes on products or services entering a country that primarily serve to raise prices on imports.

government payments to companies or industries that primarily serve to create competitive advantage for domestic products.

a minimum requirement for the purchase between two or more nations of products or services.

a restriction placed on the amount of a product allowed to enter or leave a country.

+2

Answers (1)

Know the Answer?

Quinn Francis · Answer 1

Answer: government taxes on products or services entering a country that primarily serve to raise prices on imports.

Explanation:

Tariffs are known to be taxes which the government of a particular country charges on goods and services which are imported into the country from other countries. It is a form of trade protection which the government uses in protecting local companies. Thus, the government imposes taxes on imported goods in order to make the prices of the goods high so that citizens can buy local or domestic goods and as a result encourage domestic companies to produce more of the local goods.