Question

Match each action to their correct definitions.

tax on imported goods

trade restriction that limits
the number or monetary
value of goods that a
country can import or
export

Money given by government to local companies to reduce their costs and to keep prices low


1. Tariff

2. Subsidy

3. Quota

Answer 1

A Tariff basically means any type of tax imposed on an imported goods.

What is a tariff?

It means any duty imposed on class of imports or exports which are used as source of revenue known as taxation for the government.

What is a Subsidy?

This refers to the money given by government to local companies to reduce their costs and to keep prices low

What is a Quota?

This refers to the trade restriction that limits the number or monetary value of goods that a country can import or export

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