Economics · International Trade & Commercial Policy
Consider the following statements regarding the types of tariffs used in international trade policy: A. A Specific Tariff is a customs duty that adjusts automatically with changes in the price of the imported good. B. An Ad Valorem tariff is expressed as a percentage of the value of the imported good and is the most commonly used type in modern trade policy. Which of the above statements is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Neither A nor B
- 2Both A and B
- 3B only✓
- 4A only
Correct answer
B only
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