An involuntary payment of money to govt. by a household or firm for which the household or firm receives no good or services directly in return ?
Correct answer: B. Tax
- A. Tariff
- B. Tax
- C. Tacit collusion
- D. Subsidy
Explanation
A tax is a compulsory payment to government for which the payer receives no specific good or service directly. A tariff is specifically a tax on imports, so it is narrower than the stated definition.
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Practise Agricultural Economics and Extension
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