Government levy tax on imports and exports What this tax is called ?
Correct answer: C. Tariff
- A. Custom
- B. Exercise Duty
- C. Tariff
- D. Freight
Explanation
A tariff is a tax imposed on goods crossing national borders, especially imports and sometimes exports. Customs is the administrative authority or system that collects such duties, while excise duty is imposed on selected domestic goods.
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About Public Finance
Government revenue and expenditure are analysed through taxation, public borrowing, budgets, subsidies, transfers and public debt. The topic explains how fiscal policy affects resource allocation, income distribution, economic stability and growth, while distinguishing direct from indirect taxes, progressive from regressive taxation, and public goods from goods supplied by private markets.
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