Tariffs are
A)levied on locally made products.
B)the same as sales taxes.
C)levied on the landed costs of an imported product.
D)levied on the final selling price of an imported product.

Question

Quizplus · Accepted Answer

Tariffs are taxes on imports and are levied on the landed cost of an imported product, which includes the cost of the product, insurance, and freight. Tariffs are not the same as sales taxes or levied on locally made products. They are also not based on the final selling price of an imported product, but rather on the cost of importing it into the country.

Tariffs Are