What term refers to a tax imposed on goods when they are imported or exported?

Multiple choice question for Basic of Economics. Select an option, then review the explanation below.

Explanation

The correct answer is Duty, which is a tax charged on goods as they cross international borders, either when imported or exported. Options like Rebate and Excise Tax refer to different financial terms, while Tariff and Levy are related but not the exact term defined here.

Practice related questions from the same subject.

1.Which of the following best describes deflation?
2.Under what condition can two nations benefit from engaging in international trade?
3.Which of the following represents a legitimate form of currency?
4.Which political ideology is best summarized by the phrase, "From each according to his ability, to each according to his needs"?
5.Which type of currency experiences a decline in its exchange rate due to a continuous balance of payments deficit?

What term refers to a tax imposed on goods when they are imported or exported?

Explanation

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