Multiple Choice
What is the most likely reason that nations raised tariffs on imports during the Great Depression?
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9. International Trade
Tariffs on Imports
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Which term best describes laws that impose a tax on imported goods?
A
Tariffs
B
Price floors
C
Quotas
D
Subsidies
Verified step by step guidance1
Understand the context: The question asks for the term that describes laws imposing a tax on imported goods.
Recall definitions: A tariff is a tax imposed on imported goods, increasing their cost to protect domestic industries or generate revenue.
Differentiate from other options: Price floors set minimum prices, quotas limit quantities, and subsidies provide financial support, none of which are taxes on imports.
Match the correct term: Since the question specifies a tax on imports, the correct term is 'tariffs'.
Summarize: Laws that impose a tax on imported goods are best described as tariffs.
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